Share Transfers Agreed/Cooling off period

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Originally Posted by Hiberlin

This is what makes me chuckle the most. All those who've posted on that thread are not just gonna look like complete trumpets when the inevitable happens but also for years to come. They'll be framed forever in history like the band that continued to play on the Titanic.

Can you imagine the questions they'll be facing from their offspring? "Hey Unclegrandad Boabster, why did you have your head stuck up your erse when the Hearts were going bust?".

Both threads need to be preserved so that future generations can see how they sat by and watched their club go down the pan whilst all along the truth was apparent.

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https://www.youtube.com/watch?v=5j2F4VcBmeo :cb

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Originally Posted by Platinum Scotty

Pages 13/14 makes for some interesting reading.............not all rosy eh!

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It sure does, and not looking good.

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Originally Posted by GordonHFC

Am I right in my reading of this that the Lithuanian administrators have been frightened off by BDO who have said that they would not be able to sell off the land to any possible developer as no company would purchase it due to the likelihood of HoMFC supporters (hooligans) bombarding any such company as they would be seen to have had a hand in their demise.

Or am I reading this completely wrong.

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Possibly but not sure a Liquidator would worry about threats too much.

If they are on the agenda tomorrow then it will be a good day for them as I can't see the creditors voting against the recommendations of the administrator.
Thankfully there is still nothing happening with the Ubig creditors meeting or the unfreezing of the shares.

Quote:

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Originally Posted by GordonHFC

Am I right in my reading of this that the Lithuanian administrators have been frightened off by BDO who have said that they would not be able to sell off the land to any possible developer as no company would purchase it due to the likelihood of HoMFC supporters (hooligans) bombarding any such company as they would be seen to have had a hand in their demise.

Or am I reading this completely wrong.

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Don't think its anything to do with the "mighty" CSF! :-)

It would be interesting to know what they mean by "institutions of political pressure (due to the collapse of the football club)."

If the ukio creditors decide tomorrow that the next meeting won't be for another 6 months will bdo be forced call the liquidator's? It seems that time is the biggest enemy for famous.

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Originally Posted by Ozyhibby

Does this mean that they are on the agenda tomorrow?

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I still don';t think so.

As I read that document, albeit with difficulty, it looks to me as if it's the administrator's first report to creditors. It's not an agenda for the meeting tomorrow. Indeed, it's headed Bankruptcy Process Overview

The first page, the letter to the creditors, has the objectives of the meeting, ie:-

Convened a meeting of creditors Bank economic objectives are the following:
x
Elected Secretary of the Meeting of creditors;
x
Elected chairman of the meeting of creditors;
x
To confirm the creditors' committee size;
x
To elect a creditors' committee.

Here's how I anticipate tomorrow going.

1) The meeting will bring no news, or even moderately good news for Hearts, with some bland statement along the lines of 'UKIOS creditors have informally declared their continued support for a CVA."

2) Some spokesplum will then describe it as "another significant hurdle cleared. All the stopping the CVA now is the transfer of the shares."

3) Kickback posters will bump up the Hibs.net thread, heaping abuse on Sergey and Bajillions etc and rejoice that they were wrong.

4) Somebody will ask, 'is it not the UBIG creditors meeting we need to be concerned with, rather than the UKIOS one?'

5) They will be ignored, but the wounds will cut deeply and the KB will fall into a dark depression/house of denial as the Hibs.net thread tumbles to page two by Thursday.

6) On friday there will be signs of real panic, somebody saying 'we really need things to start happening next week.'

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Originally Posted by Brunswickbill

It would be interesting to know what they mean by "institutions of political pressure (due to the collapse of the football club)."

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Could it involve a certain yam Scottish political leader?
Oi yous, if yous kill oor club we'll no let any o yous in Scotland and we'll block any mair shipments o irn bru.

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Originally Posted by greenginger

http://translate.googleusercontent.c...GxO1_cua1W4Y-w


This is all that is happening at tomorrow's Creditors meeting.

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Thanks as ever GG. I'm intrigued by the comments about "hooliganism" etc. I'm unsure whether this statement is saying that potential factors affecting sale of PBS ( as a development ) include possible hooliganism as expressed by Foulkes etc or if this is info provided by BDO. If the former its bad but to be expected & at least was in the public domain. If its the latter ( ie BDO saying this ) its truly shocking & IMO goes way beyond BDO's remit. I was also intrigued by the final sentence.

kio bankas aims to bt sold Heart of Midlothian Plc assets and the income received would be paid to the economic share of the amount.

Does that mean the £2.5mm or does that possibly include PBS? In other words are they saying, here's all the scare stories we've been told but you know what, we'll take our chance! I still find it hard to believe the Lith govt will roll over so easy.
PS, I'm sending you a pm.

Part of that translation reads like it's saying the spfl and homfc have discussed how liquidation will work

this part

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Meetings were held with the Scottish League managers, administrators, Scottish lawyers, discussed the current situation and options. Accepted decision to seek insolvency procedures ros - Administration. This has helped to keep both options sold immovable property, and sell the football club as rich Complex, together with the assignment of Heart Midlothian Plc shares; x In 2013. June 19 started the debtor administration. Administrator appointed kio bankas offered a replacement candidate; x Taken over management of the former leadership, the club secured a temporary operating t Continuity within a short compiled by almost 1 million. GBP income and releasing part of employees and their players reached 0.5 million. GBP cost savings per year; x Start the Heart of Midlothian Plc selling process. After not one for discussions and negotiations on the price improvement was extracted and the largest real border price ls investor; x In 2013. At the end of a peaceful approved the agreement of creditors, resulting in economic bank, the only one of Heart of Midlothian Plc creditors, regain part of the loan granted; x In 2014. March for the start of negotiations on the sports club's transfer business documents. kio bankas aims to bt sold Heart of Midlothian Plc assets and the income received would be paid to the economic Bank's share of the amoun :wink:

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Quote:

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Originally Posted by GordonHFC

Am I right in my reading of this that the Lithuanian administrators have been frightened off by BDO who have said that they would not be able to sell off the land to any possible developer as no company would purchase it due to the likelihood of HoMFC supporters (hooligans) bombarding any such company as they would be seen to have had a hand in their demise.

Or am I reading this completely wrong.

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The report seems to take the view that Tynecastle is worth £7.5m to a developer, but planning permission for 'dense' residential unlikely due to hazardous substances. Also. there would be riots on the streets of Gorgie / Vilnius and Alec Salmond would remove anyone with a Lithuanian name from his Christmas card list.

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Originally Posted by lord bunberry

If the ukio creditors decide tomorrow that the next meeting won't be for another 6 months will bdo be forced call the liquidator's? It seems that time is the biggest enemy for famous.

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Time has always been the problem along with running out of cash caused by delays.

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Originally Posted by Dashing Bob S

Here's how I anticipate tomorrow going.

1) The meeting will bring no news, or even moderately good news for Hearts, with some bland statement along the lines of 'UKIOS creditors have informally declared their continued support for a CVA."

2) Some spokesplum will then describe it as "another significant hurdle cleared. All the stopping the CVA now is the transfer of the shares."

3) Kickback posters will bump up the Hibs.net thread, heaping abuse on Sergey and Bajillions etc and rejoice that they were wrong.

4) Somebody will ask, 'is it not the UBIG creditors meeting we need to be concerned with, rather than the UKIOS one?'

5) They will be ignored, but the wounds will cut deeply and the KB will fall into a dark depression/house of denial as the Hibs.net thread tumbles to page two by Thursday.

6) On friday there will be signs of real panic, somebody saying 'we really need things to start happening next week.'

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I think that looks about right on the money - excuse the pun.

Quote:

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Originally Posted by Waxy

Could it involve a certain yam Scottish political leader?
Oi yous, if yous kill oor club we'll no let any o yous in Scotland and we'll block any mair shipments o irn bru.

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No chance big Eck is going to risk his ultimate goal for the yams.

The Political reference is probably Murray annoying them by phoning them constantly and "chunterring" about micro waving the shares.

Well it's interesting that there is nothing in that document relating to the choice of biscuits, despite all the previous supposed hibs.net insider information.

Our credibiltiy is now blown and the yams will be heaving a great sigh of relief.

This bit is also interesting. Looks like the option to sell of the PBS separately is still on the table:-

"This has helped to keep both options sold immovable property, and sell the football club as rich Complex, together with the assignment of Heart Midlothian Plc shares"

It would be nice if they would discuss Hearts but tbh I doubt that they are important enough as it will probably take all day to agree on the basics. I can't see creditors, especially if they are coming from afar, wanting to stick around too long. BDO/FOH's best bet to get a positive quote is to have their rep buy some old soak at the bar a drink, and get him to say mumblingly positive off-the-record stuff about the CVA.

Of course, this is all irrelevant as its the UBIG meeting they require.

Quote:

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Originally Posted by brog

Thanks as ever GG. I'm intrigued by the comments about "hooliganism" etc. I'm unsure whether this statement is saying that potential factors affecting sale of PBS ( as a development ) include possible hooliganism as expressed by Foulkes etc or if this is info provided by BDO. If the former its bad but to be expected & at least was in the public domain. If its the latter ( ie BDO saying this ) its truly shocking & IMO goes way beyond BDO's remit. I was also intrigued by the final sentence.

kio bankas aims to bt sold Heart of Midlothian Plc assets and the income received would be paid to the economic share of the amount.

Does that mean the £2.5mm or does that possibly include PBS? In other words are they saying, here's all the scare stories we've been told but you know what, we'll take our chance! I still find it hard to believe the Lith govt will roll over so easy.
PS, I'm sending you a pm.

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The major factors of hooliganism on top of the "near hazardous materials" land zoning issue, both of which were inconsequential when £20m+ was offered to the pie man a few years ago, are now wedged into the proposals from BDO. Plus, unnamed institutions of political pressure loom as an additional threat. Are they going to send tanks to the Lithuanian Border or threaten to introduce economic sanctions at the next meeting of the G7(nil)?

It is laughable that people who freed themselves from the Soviet Republic now find themselves negotiating with corrupt politicians, violent gangs of hooligan enforcers and a hazardous materials boondoggle, all conjured up by supporters of a football club from a highly developed democratic nation that believes in the rule of law.

You can't make this up.:faf:

Is the "hooliganism" not just google poorly translating as per usual?

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Originally Posted by The Falcon

Is the "hooliganism" not just google poorly translating as per usual?

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Yes

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Originally Posted by CropleyWasGod

I still don';t think so.

As I read that document, albeit with difficulty, it looks to me as if it's the administrator's first report to creditors. It's not an agenda for the meeting tomorrow. Indeed, it's headed Bankruptcy Process Overview
[/I]

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I agree with you.



Looks like the notification to creditors was issued last month, which we already knew. This contains a key point which we already knew about:
http://translate.google.com/translat...b.lt&sandbox=1 Select "Report on the Economy BAB bank creditors meeting 2014-02-28"

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Convened meeting of creditors will be dealt with over the claims, nor BAB Economy bank asset sales or any other issues, except for the following, notice the creditors' meeting agenda:

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It basically says, (badly translated), that no other item will be considered for discussion/vote other than those on the agenda. The agenda for this meeting is to in basic terms elect a creditors committee....nothing else.

Here is the voting form, with the proposed meeting resolutions and the topics for voting are:
http://translate.googleusercontent.c...IlzQ9kTNyKMzkw

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1st:
The creditors' meeting to elect the Secretary of bankruptcy Administrator UAB Valnet "authorized person
The creditors' meeting to elect the President of the State Enterprise "Deposit and Investment Insurance authorized person
2nd:
The creditors' committee to collect seven (7) members
3rd
The creditors' committee members elect the following persons:
1) Sarunas Kraujalis (employee representative);
2) the state "Deposit and Investment Insurance authorized representative;
3) the state company Deposit and Investment Insurance authorized representative;
4) The state company Deposit and Investment Insurance authorized representative;
5) the state company Deposit and Investment Insurance authorized representative;
6) The state company Deposit and Investment Insurance authorized representative;
7) UAB Lifodas (legal entity code 122891974) authorized representative.

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Notice that ratifying the sale of shares to BIDCO is not on the menu for voting on by creditors......that means it is NOT BEING DISCUSSED, despite what the press say.

The most important part (for us and them I suppose) from the new document/link is this:
http://translate.google.com/translat...o_apzvalga.pdf

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3.11. The most important work after the agricultural bank creditors' committee accomplishment

The first meeting of creditors agricultural bank creditors' committee election will be organized and carried out these main processes:
Asset sales process. The creditors' committee will have to evaluate and decide what carried on commercial activities estate and other tangible property sales opportunities, sales of process, sequence, and pricing;

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My reading of the document is they will simply elect a creditors committee at this meeting and nothing more. The committee will then reconvene in the future to ratify everything else, asset sales etc, at a separate meeting.

Will the names of those on the committee become public?

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Originally Posted by robinp

I agree with you.



Looks like the notification to creditors was issued last month, which we already knew. This contains a key point which we already knew about:
http://translate.google.com/translat...b.lt&sandbox=1


It basically says, (badly translated), that no other item will be considered for discussion/vote other than those on the agenda. The agenda for this meeting is to in basic terms elect a creditors committee....nothing else.

Here is the voting form, with the proposed meeting resolutions and the topics for voting are:
http://translate.googleusercontent.c...IlzQ9kTNyKMzkw


Notice that ratifying the sale of shares to BIDCO is not on the menu for voting on by creditors......that means it is NOT BEING DISCUSSED, despite what the press say.

The most important part (for us and them I suppose) from the new document/link is this:
http://translate.google.com/translat...o_apzvalga.pdf


My reading of the document is they will simply elect a creditors committee at this meeting and nothing more. The committee will then reconvene in the future to ratify everything else, asset sales etc, at a separate meeting.

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Thanks, Robin.

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Originally Posted by H18sry

3.10.3. Heart of Midlothian Plc (Scotland) Heart of Midlothian Plc is a Scottish football club Hearts managing the Company. This Company's debt agricultural bank (without Interest and penalties) is 14 684 636.97 GBP (approximately 61.6 million. lit). kio bankas requirements Heart of Midlothian Plc is to: x Company's mortgage; x original property (Tynecastle stadium in Edinburgh) change; x 29.5% of Heart of Midlothian Plc share exchange; x Company LLC and Balkan Invest JSC Businessline guarantees. Payable to mention the fundamental problem of the debtor: x Lack of lending liabilities assurance. According to 2012. March 30. assessment, Tynecastle Stadium values ​​(appreciation and investments needed) 2 times less than the total debt (EUR 7.5 million. GBP). According to 2013. July n. assessment carried out in real property values ​​down further by around 2-3 times less than the amount owed ​​2 million. - 3.5 million. GBP (subject to permission to develop residential destination areas - 7.5 million. GBP). Other security measures - of dubious value. x Problematic shares replacement. Debtor's shares are owned by bankrutuojanþiai JSC Bank's economic Investment Group. agricultural bank in favor of weird only 29.5% of the Company's shares. agricultural bank has opportunities without BUAB economic Bank Investment Group Co-operation in ensuring implement changes Hearts Football Club t Continuity. The problems in the situation illustrated by the fact that the first BUAB economic Bank Investment Group "meeting of creditors was rejected Heart of Midlothian Plc shares for sale si lom 100,000 GBP Realization of the stadium features. Completed property assessment report reveals that Tynecastle The stadium will have the highest market value of t, if consented would develop into the densely built residential areas. However the chances are high that a permit is not received, because area is established consulting s / security zone on sand near regulated hazardous materials (Alcohol and ethanol plant containers and plant medicine). According to the football club administrators are high likelihood that investors will not want to buy tons of assets for fear BESITOS sianþio hooliganism, institutions of political pressure (due to the collapse of the football club). Administrator has the following key to this borrower-related actions: x The analysis of the possible actions alternatives. Meetings were held with the Scottish League managers, administrators, Scottish lawyers, discussed the current situation and options. Accepted decision to seek insolvency procedures ros - Administration. This has helped to keep both options sold immovable property, and sell the football club as rich Complex, together with the assignment of Heart Midlothian Plc shares; x In 2013. June 19 started the debtor administration. Administrator appointed kio bankas offered a replacement candidate; x Taken over management of the former leadership, the club secured a temporary operating t Continuity within a short compiled by almost 1 million. GBP income and releasing part of employees and their players reached 0.5 million. GBP cost savings per year; x Start the Heart of Midlothian Plc selling process. After not one for discussions and negotiations on the price improvement was extracted and the largest real border price ls investor; x In 2013. At the end of a peaceful approved the agreement of creditors, resulting in economic bank, the only one of Heart of Midlothian Plc creditors, regain part of the loan granted; x In 2014. March for the start of negotiations on the sports club's transfer business documents. kio bankas aims to bt sold Heart of Midlothian Plc assets and the income received would be paid to the economic Bank's share of the amoun :wink:

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That reads like Pishy Breeks wrote it half way through his second bottle.

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Originally Posted by Seveno

Well it's interesting that there is nothing in that document relating to the choice of biscuits, despite all the previous supposed hibs.net insider information.

Our credibiltiy is now blown and the yams will be heaving a great sigh of relief.

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If it's not specified then it's custard creams. FACT.

Thanks CWG and Robin. :-)
I think the rest of us need to take a long hard look at ourselves and apologise to the nosy yams looking in for giving them false hope.

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Originally Posted by Ozyhibby

Thanks CWG and Robin. :-)
I think the rest of us need to take a long hard look at ourselves and apologise to the nosy yams looking in for giving them false hope.

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Teasing is good.

Oor hoose was just shaking here with a wee earthquake. Not very strong, but enough to send the cat skittering aboot and bring doon the main stand at Tynegristle.

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Originally Posted by Jack

Will the names of those on the committee become public?

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Authorized Representative seems to be a common name in Lithuania.

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Originally Posted by Geo_1875

Authorized Representative seems to be a common name in Lithuania.

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Bit like that lower league hot-shot A Trialist :aok:

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Originally Posted by Dashing Bob S

Here's how I anticipate tomorrow going.

1) The meeting will bring no news, or even moderately good news for Hearts, with some bland statement along the lines of 'UKIOS creditors have informally declared their continued support for a CVA."

2) Some spokesplum will then describe it as "another significant hurdle cleared. All the stopping the CVA now is the transfer of the shares."

3) Kickback posters will bump up the Hibs.net thread, heaping abuse on Sergey and Bajillions etc and rejoice that they were wrong.

4) Somebody will ask, 'is it not the UBIG creditors meeting we need to be concerned with, rather than the UKIOS one?'

5) They will be ignored, but the wounds will cut deeply and the KB will fall into a dark depression/house of denial as the Hibs.net thread tumbles to page two by Thursday.

6) On friday there will be signs of real panic, somebody saying 'we really need things to start happening next week.'

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So all in all, nothing to see here. Everything is on the back burner and is staying there for the foreseeable future......... SWEET :wink:

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Originally Posted by LeithenHibby

So all in all, nothing to see here. Everything is on the back burner and is staying there for the foreseeable future......... SWEET :wink:

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Aye, it's on a burner, a BURNER ah tell ye. It'll all be defrosted and rubber stamped by lunchtime. Trivial formality. :wink:

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Originally Posted by Weststandwanab

Time has always been the problem along with running out of cash caused by delays.

I think that looks about right on the money - excuse the pun.

No chance big Eck is going to risk his ultimate goal for the yams.

The Political reference is probably Murray annoying them by phoning them constantly and "chunterring" about micro waving the shares.

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My reading of the document - "According to the football club administrators are high likelihood that investors will not want to buy tons of assets for fear BESITOS sianþio hooliganism, institutions of political pressure (due to the collapse of the football club)" - is that BDO are advising UKIO that, in part, due to political pressure, the ground won't be sold for development. I can't believe that yams in the Scottish political establishment, Edinburgh Council, Scottish Government and Westminster are sitting on their hands. There'll be a lot of string pulling going on and the reference in the document is evidence of this. I don't think that IamanMP is the only politico involved:hmmm:

Administrators are beggars, con men, fraudsters, politicians, spin doctors, lawyers, bankers, gamblers and liars all rolled into one. They will do anything, bend any 'rule', twist any 'truth' and basically sell their Granny as long as their client keeps paying them top dollar.:cb

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Originally Posted by Spike Mandela

Administrators are beggars, con men, fraudsters, politicians, spin doctors, lawyers, bankers, gamblers and liars all rolled into one. They will do anything, bend any 'rule', twist any 'truth' and basically sell their Granny as long as their client keeps paying them top dollar.:cb

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Presumably you'll include RobinP in that definition.

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Originally Posted by Brunswickbill

My reading of the document - "According to the football club administrators are high likelihood that investors will not want to buy tons of assets for fear BESITOS sianþio hooliganism, institutions of political pressure (due to the collapse of the football club)" - is that BDO are advising UKIO that, in part, due to political pressure, the ground won't be sold for development. I can't believe that yams in the Scottish political establishment, Edinburgh Council, Scottish Government and Westminster are sitting on their hands. There'll be a lot of string pulling going on and the reference in the document is evidence of this. I don't think that IamanMP is the only politico involved:hmmm:

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BESITOS : is this Lithuanian for ASBESTOS?

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Originally Posted by Spike Mandela

Administrators are beggars, con men, fraudsters, politicians, spin doctors, lawyers, bankers, gamblers and liars all rolled into one. They will do anything, bend any 'rule', twist any 'truth' and basically sell their Granny as long as their client keeps paying them top dollar.:cb

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You are not really sitting on any fence there are you ?

Do you have any personal experience of Administrators ?

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Originally Posted by Spike Mandela

Administrators are beggars, con men, fraudsters, politicians, spin doctors, lawyers, bankers, gamblers and liars all rolled into one. They will do anything, bend any 'rule', twist any 'truth' and basically sell their Granny as long as their client keeps paying them top dollar.:cb

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Going this admin and the one in Glasgow it doesn't look like they're acting in the creditors best interests.

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Originally Posted by Weststandwanab

You are not really sitting on any fence there are you ?

Do you have any personal experience of Administrators ?

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Between this thread and the sevco one several thousand posts worth.:wink:

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Originally Posted by CropleyWasGod

Presumably you'll include RobinP in that definition.

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Especially RobinP.:wink:

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Originally Posted by Killiehibbie

Going this admin and the one in Glasgow it doesn't look like they're acting in the creditors best interests.

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Again. That is not the main function of an administrator.

Quote:

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Originally Posted by Weststandwanab

You are not really sitting on any fence there are you ?

Do you have any personal experience of Administrators ?

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I Done some dealings with an IP Called Robin Panton a few years ago decent bloke was he.

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Originally Posted by CropleyWasGod

Again. That is not the main function of an administrator.

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So who does act for the creditors when they've been shafted by corrupt or incompetent businesses?

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Originally Posted by Spike Mandela

So who does act for the creditors when they've been shafted by corrupt or incompetent businesses?

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A liquidator.

And, if need be, the Courts.

The sensible way for the Lithuanians to get out of this arm twisting is to delay things long enough for BDO to run out of money. The "big club" will fold up like a cheap suit and the Lithuanians will collect from a liquidation sale which at worse will bring in double what the fuds are offering.

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Originally Posted by CropleyWasGod

A liquidator.

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If an administrator has done his job then, as per Duff and Phelps, there is nothing left for the liquidator to give to the creditors? What a con!

Quote:

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Originally Posted by GreenLake

The sensible way for the Lithuanians to get out of this arm twisting is to delay things long enough for BDO to run out of money. The "big club" will fold up like a cheap suit and the Lithuanians will collect from a liquidation sale which at worse will bring in double what the fuds are offering.

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I think having meetings about meetings, is playing it this way already -

tickety tock

:-)

Quote:

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Originally Posted by robinp

I agree with you.



Looks like the notification to creditors was issued last month, which we already knew. This contains a key point which we already knew about:
http://translate.google.com/translat...b.lt&sandbox=1 Select "Report on the Economy BAB bank creditors meeting 2014-02-28"


It basically says, (badly translated), that no other item will be considered for discussion/vote other than those on the agenda. The agenda for this meeting is to in basic terms elect a creditors committee....nothing else.

Here is the voting form, with the proposed meeting resolutions and the topics for voting are:
http://translate.googleusercontent.c...IlzQ9kTNyKMzkw


Notice that ratifying the sale of shares to BIDCO is not on the menu for voting on by creditors......that means it is NOT BEING DISCUSSED, despite what the press say.

The most important part (for us and them I suppose) from the new document/link is this:
http://translate.google.com/translat...o_apzvalga.pdf


My reading of the document is they will simply elect a creditors committee at this meeting and nothing more. The committee will then reconvene in the future to ratify everything else, asset sales etc, at a separate meeting.

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Cheers Robin, very helpful.

For us :greengrin

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Originally Posted by Mikey

Cheers Robin, very helpful.

For us :greengrin

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Agreed.

It's not bad for a "beggar, con man, fraudster, politician, spin doctor, lawyer, banker, gambler and liar all rolled into one."

:rolleyes:

Quote:

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Originally Posted by GreenLake

The sensible way for the Lithuanians to get out of this arm twisting is to delay things long enough for BDO to run out of money. The "big club" will fold up like a cheap suit and the Lithuanians will collect from a liquidation sale which at worse will bring in double what the fuds are offering.

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That has been their plan all along in my opinion and once relegation has been confirmed will, more than likely, occur becaues they will have "ran out of cash".

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Originally Posted by CropleyWasGod

Agreed.

It's not bad for a "beggar, con man, fraudster, politician, spin doctor, lawyer, banker, gambler and liar all rolled into one."

:rolleyes:

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A good line for the CV if nothing else.:greengrin

Still not a hint of discussion on Kickback. Nothing from BDO for weeks now. FoH have not even sent out a tweet for 3 days.
If they are liquidated it will be with a whimper.

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Originally Posted by CropleyWasGod

Again. That is not the main function of an administrator.

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From an appreciation of the extent of an Insolvency Administrator's powers you will recognise that an administration process would provide a relatively unfettered way to re-organise the affairs of your company - to either ensure its rescue or to produce a better result for creditors than would have been obtained if there had been no administration.

Are the administrators allowed to pursue a re-organisation of the company with total disregard to creditors?

Quote:

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Originally Posted by CropleyWasGod

Agreed.

It's not bad for a "beggar, con man, fraudster, politician, spin doctor, lawyer, banker, gambler and liar all rolled into one."

:rolleyes:

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Why didn't he just come out and call Robin a Jambo in the first place, instead of being all long-winded about it?

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Originally Posted by Killiehibbie

From an appreciation of the extent of an Insolvency Administrator's powers you will recognise that an administration process would provide a relatively unfettered way to re-organise the affairs of your company - to either ensure its rescue or to produce a better result for creditors than would have been obtained if there had been no administration.

Are the administrators allowed to pursue a re-organisation of the company with total disregard to creditors?

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An administration, by definition, (almost?) always includes an attempt at a CVA. Against that background, creditors must be part of the process. So, in short, the answer would be "no".

Or have I misunderstood your question?

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Originally Posted by Dashing Bob S

Why didn't he just come out and call Robin a Jambo in the first place, instead of being all long-winded about it?

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I had assumed that, because the word "paedo" wasn't included, he wasn't going quite that far.

Quote:

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Originally Posted by Ozyhibby

Still not a hint of discussion on Kickback. Nothing from BDO for weeks now. FoH have not even sent out a tweet for 3 days.
If they are liquidated it will be with a whimper.

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I beg to differ, I think it will be quite a do !

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Originally Posted by Dashing Bob S

Why didn't he just come out and call Robin a Jambo in the first place, instead of being all long-winded about it?

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That is a bit harsh on Fraudsters.

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Originally Posted by The Falcon

Is the "hooliganism" not just google poorly translating as per usual?

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I don't think it is a problem of google translation. It would be a remarkable coincidence that it appears in the same para quoting the toxicity of PBS & political pressure which, along with the unwashed hordes tearing down any new development were the 3 things mentioned by Lord PB. My main hope is all this garbage is in there just to give the other creditors a laff rather than as a serious explanation as to why such a paltry offer was accepted.
They're certainly the famous, only team ever that proudly references their hooligan supporters as a rationale for not selling their hovel!

Quote:

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Originally Posted by Ozyhibby

Still not a hint of discussion on Kickback. Nothing from BDO for weeks now. FoH have not even sent out a tweet for 3 days.
If they are liquidated it will be with a whimper.

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its all went very quiet could be the calm before the STORM.

Quote:

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Originally Posted by brog

I don't think it is a problem of google translation. It would be a remarkable coincidence that it appears in the same para quoting the toxicity of PBS & political pressure which, along with the unwashed hordes tearing down any new development were the 3 things mentioned by Lord PB. My main hope is all this garbage is in there just to give the other creditors a laff rather than as a serious explanation as to why such a paltry offer was accepted.
They're certainly the famous, only team ever that proudly references their hooligan supporters as a rationale for not selling their hovel!

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PBS = Pishy Breek's Slasher

I was speaking to an "in the know" Jambo yesterday (friend of Leslie Deans). He was saying that they have a dream team in place of, Levein, Hegarty and Houston and are going to copy the Dundee United youth policy model. All will be revealed in April once the CVA etc has been agreed. The excitement on his wee face was palpable, I hadn't the heart to tell him otherwise, it would be like telling your kids that Santa isn't real.

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Originally Posted by Hot Shot Hamish

I was speaking to an "in the know" Jambo yesterday (friend of Leslie Deans). He was saying that they have a dream team in place of, Levein, Hegarty and Houston and are going to copy the Dundee United youth policy model. All will be revealed in April once the CVA etc has been agreed. The excitement on his wee face was palpable, I hadn't the heart to tell him otherwise, it would be like telling your kids that Santa isn't real.

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Does he know what the latest is with Deans' money-laundering charge?

:cb

Quote:

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Originally Posted by Hot Shot Hamish

I was speaking to an "in the know" Jambo yesterday (friend of Leslie Deans). He was saying that they have a dream team in place of, Levein, Hegarty and Houston and are going to copy the Dundee United youth policy model. All will be revealed in April once the CVA etc has been agreed. The excitement on his wee face was palpable, I hadn't the heart to tell him otherwise, it would be like telling your kids that Santa isn't real.

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WHAT !!!!!!!!!:panic:

Quote:

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Originally Posted by Hot Shot Hamish

I was speaking to an "in the know" Jambo yesterday (friend of Leslie Deans). He was saying that they have a dream team in place of, Levein, Hegarty and Houston and are going to copy the Dundee United youth policy model. All will be revealed in April once the CVA etc has been agreed. The excitement on his wee face was palpable, I hadn't the heart to tell him otherwise, it would be like telling your kids that Santa isn't real.

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So this is how they are going to become a model for all other clubs? The biggest supporter (bowel) movement in history is going to pioneer by copying what other clubs have been doing for ages. #creatinghistorybycopying

"Big Team, Big Team, do you copy?"

Quote:

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Originally Posted by Ozyhibby

Still not a hint of discussion on Kickback. Nothing from BDO for weeks now. FoH have not even sent out a tweet for 3 days.
If they are liquidated it will be with a whimper.

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They know where to come to get correct info :agree:

Quote:

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Originally Posted by Dashing Bob S

Why didn't he just come out and call Robin a Jambo in the first place, instead of being all long-winded about it?

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From tomorrow Robin P will be labelled a 'Hobo fantasist' on 21PointsBack along with Bajillions, Sergey and CWG. Or maybe they're all one and the same?

Quote:

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Originally Posted by Hot Shot Hamish

I was speaking to an "in the know" Jambo yesterday (friend of Leslie Deans). He was saying that they have a dream team in place of, Levein, Hegarty and Houston and are going to copy the Dundee United youth policy model. All will be revealed in April once the CVA etc has been agreed. The excitement on his wee face was palpable, I hadn't the heart to tell him otherwise, it would be like telling your kids that Santa isn't real.

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To be fair it was Levein who set up the Dundee Utd model with the children going to a certain school, getting out at time to suit United for training etc whilst still learning. Wish Hibs would follow it.

Just because Levein is a poor manager and the worst manager in Scottish history doesn't mean that he is not good further up the tree in a DoF style. They could do worse post liquidation.

:faf::cool2:

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Originally Posted by stevejordan

I Done some dealings with an IP Called Robin Panton a few years ago decent bloke was he.

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Quote:

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Originally Posted by Hot Shot Hamish

I was speaking to an "in the know" Jambo yesterday (friend of Leslie Deans). He was saying that they have a dream team in place of, Levein, Hegarty and Houston and are going to copy the Dundee United youth policy model.

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after them moaning about their "burned out" youngsters this season, that's their plan for next season?!

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Originally Posted by GreenLake

The sensible way for the Lithuanians to get out of this arm twisting is to delay things long enough for BDO to run out of money. The "big club" will fold up like a cheap suit and the Lithuanians will collect from a liquidation sale which at worse will bring in double what the fuds are offering.

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I presume that BDO didn't draw the attention of the UKIO creditors to this when they suggested that £2.5m was a fair price for the wongadome? http://www.heartsfc.co.uk/articles/2...2241384_553846

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Originally Posted by Brunswickbill

I presume that BDO didn't draw the attention of the UKIO creditors to this when they suggested that £2.5m was a fair price for the wongadome? http://www.heartsfc.co.uk/articles/2...2241384_553846

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Something not quite right with that article. It's dated 19th August, and includes notice of a shareholders' meeting on 13th September. So it appears to be telling shareholders in advance that a meeting, which they're entitled to attend, will take place. :confused:

More than one person has said to me today that FOH are expecting, and planning for, liquidation.

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Originally Posted by Mikey

More than one person has said to me today that FOH are expecting, and planning for, liquidation.

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Would not surprise me,the silence from FOH/BDO speaks volumes :agree:

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Originally Posted by Mikey

More than one person has said to me today that FOH are expecting, and planning for, liquidation.

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How many have mentioned it? Could it be a wind up? Pleasing if true.

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Originally Posted by Mikey

More than one person has said to me today that FOH are expecting, and planning for, liquidation.

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I like meeting people like that.

I wonder if those who walked away meet them?

Donald "Duck" Ford, Ian "he's still an MP" Murray, Alex "Who Dat?" Mackie maybe have bravely back out of FoH but they must be itk, must be gutting for them not to still be at the coal face and taking responsibility for breaking the sad (snork) news when it breaks.

Quote:

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Originally Posted by Mikey

More than one person has said to me today that FOH are expecting, and planning for, liquidation.

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Would be remiss not to. Liquidation and the Lowlife at least offers a chance of owning the club, albeit a toytown playing a ground share with Spartans or Edin City, whereas no chance of that with Budge in the championship.

Quote:

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Originally Posted by Mikey

More than one person has said to me today that FOH are expecting, and planning for, liquidation.

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It's the best place for them.

Consigned to history their sexual offending, charity thieving, local business robbing and countless other crimes and start afresh in the lower leagues whilst groundsharing following the gleeful demolition of the Savile Dome.

Granted the few thousand following New HoMFC 2014 will still be a collection of puddle drinkers, windae lickers and kiddy knicker sniffers but thousands more will be staying indoors at the weekends with their sky remote for company.

Toodle.

Their twitter account has only one tweet in the last week.

I'm an MP's recent farewell makes more sense if this is true.

Quote:

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Originally Posted by Mikey

More than one person has said to me today that FOH are expecting, and planning for, liquidation.

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Maybe admin and the CVA have just been a distraction and liquidation was planned from the beginning. A cunning stunt from the famous that their sock puppet will tweet about tomorrow. Meanwhile at can'thearapindrop.com there will be high five one's going around.

Quote:

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Originally Posted by GreenLake

Maybe admin and the CVA have just been a distraction and liquidation was planned from the beginning. A cunning stunt from the famous that their sock puppet will tweet about tomorrow. Meanwhile at can'thearapindrop.com there will be high five one's going around.

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Just because they might be expecting/planning for liquidation it doesn't mean it happen let's not celebrate just yet.

When BDO were at Portsmouth did they and their fans group keep making noises about getting the shares and making promises, meetings etc?

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Originally Posted by Hiberniankb

When BDO were at Portsmouth did they and their fans group keep making noises about getting the shares and making promises, meetings etc?

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Dont know about Portsmouth, but BDO haven't made any promises of that kind with Hearts. BJ has consistently said that getting the shares would be the hardest part of the job.

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Originally Posted by Geo_1875

That reads like Pishy Breeks wrote it half way through his second bottle.

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more like his third :greengrin

Quote:

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Originally Posted by Brunswickbill

I presume that BDO didn't draw the attention of the UKIO creditors to this when they suggested that £2.5m was a fair price for the wongadome? http://www.heartsfc.co.uk/articles/2...2241384_553846

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Shockerooney. I just hope to god nobody has forwarded that link to any creditors' groups in Lithuania. Particularly with the property market in the UK back on the bounce. But surely nobody would stoop to such a low, vindictive, and spiteful act...

Anybody got any email addresses for creditors' groups in Lithuania?

This is from Lithuanian Press via Google translate

http://www.lrytas.lt/-13950586441394...m#.UygIc6h_tig

It seems to suggest today's meeting is a formality because the State insurance service has overall voting majority and all important decisions already taken.

Also little interest from other creditors. :confused:

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Originally Posted by greenginger

This is from Lithuanian Press via Google translate

http://www.lrytas.lt/-13950586441394...m#.UygIc6h_tig

It seems to suggest today's meeting is a formality because the State insurance service has overall voting majority and all important decisions already taken.

Also little interest from other creditors. :confused:

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Viva la state ? Wrong lingo I know .Now hear7s will be in some state :wink:

Quote:

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Originally Posted by greenginger

This is from Lithuanian Press via Google translate

http://www.lrytas.lt/-13950586441394...m#.UygIc6h_tig

It seems to suggest today's meeting is a formality because the State insurance service has overall voting majority and all important decisions already taken.

Also little interest from other creditors. :confused:

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I suspect it's just a case of wait and see what happens today.

Quote:

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Originally Posted by greenginger

This is from Lithuanian Press via Google translate

http://www.lrytas.lt/-13950586441394...m#.UygIc6h_tig

It seems to suggest today's meeting is a formality because the State insurance service has overall voting majority and all important decisions already taken.

Also little interest from other creditors. :confused:

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so what does this mean then

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Originally Posted by leggeto

so what does this mean then

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There will be no biscuits

Quote:

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Originally Posted by leggeto

so what does this mean then

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Basically the Lithuanian State Deposit Insurance has had to bail out the bank to the tune of 801 million Lita to make good on deposits etc, the total debt the Bank has is 1.4 billion Lita. The State has more than 50% of the debt (by value) and thus, even if every single other creditor votes against every motion, the State's vote will decide which way every decision goes.

Quote:

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Originally Posted by greenginger

This is from Lithuanian Press via Google translate

http://www.lrytas.lt/-13950586441394...m#.UygIc6h_tig

It seems to suggest today's meeting is a formality because the State insurance service has overall voting majority and all important decisions already taken.

Also little interest from other creditors. :confused:

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From what I can gather, Ukio has been far more straightforward than UBIG in terms of the legal processes. UBIG remains the stumbling block for our pink neighbours.

Quote:

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Originally Posted by lord bunberry

There will be no biscuits

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http://1.bp.blogspot.com/-zdLnTBaNIy...oto-760253.JPG

Quote:

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Originally Posted by robinp

Basically the Lithuanian State Deposit Insurance has had to bail out the bank to the tune of 801 million Lita to make good on deposits etc, the total debt the Bank has is 1.4 billion Lita. The State has more than 50% of the debt (by value) and thus, even if every single other creditor votes against every motion, the State's vote will decide which way every decision goes.

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Sounds like it might take a while! Pleasing :-)))

basic translation of the article

"What will the bank creditors Economy ? ( 4 )
Arunas Karaliūnas 2014-03-17 14:17 , updated 2014-03-18 07:23

On Tuesday , March 18 th, the meeting Kaunas " Girstutis Palace prefer the bankrupt 's creditors Economy , which will solve one of the most important issues - elect a creditors' committee , which would be seven members.

Even the 5 local creditors' committee under the state company Deposit and Investment Insurance. Market Committee members will also be offered Bank An employee representative and Sarunas Kraujalis company " Lifodas .

Today, by the end of the business day the bank creditors still may vote in writing or by visiting the bank 's headquarters.

If such a possibility by the state company Deposit and Investment Insurance , which has the largest share of the financial requirements , the meeting is just a formality.

A similar thing happened before the first bank Snoras creditors' meeting held in June 2012 . Upon arrival, meeting participants learned that all the important decisions have already been made .

Portal lrytas.lt data today, March 17 th in the morning, were received just 5.5 percent . of the total.

Kaunas district court bankruptcy proceedings Economy Bank raised the 2013 May 2nd. Last year, on October 17, the same court upheld the bank's overall financial creditors and the amount, which represents 1,439 billion . LTL .

The largest part of the financial requirements of the obligations of the second row to the creditor state company Deposit and Investment Insurance - 801 million . LTL .

One Economy 's ownership , the controversial businessman Vladimir Romanov , who is going to bring the prosecution allegations , currently in hiding abroad .....................:taxi"

My fellow bean counters, there are a large number of Yams looking in and hoping for your words of wisdom.

Can you not give them some comfort that this further delay will not hamper their master plan ?

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Originally Posted by Weststandwanab

My fellow bean counters, there are a large number of Yams looking in and hoping for your words of wisdom.

Can you not give them some comfort that this further delay will not hamper their master plan ?

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http://www.cartoonstock.com/newscart...s-mban634l.jpg

http://3.bp.blogspot.com/-6myA90jF8r...6945606M5W.jpg

http://images.everytrail.com/pics/fu..._no_return.JPG

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Originally Posted by Peevemor

From what I can gather, Ukio has been far more straightforward than UBIG in terms of the legal processes. UBIG remains the stumbling block for our pink neighbours.

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I actually think that UBIG's creditors will be easier to deal with than UKIO's.

UBIG are being offered money for something that has no value, ie the Hearts shares. If I were them, I would jump at that.

UKIO are being offered a little money for something which, arguably, has a much greater value. If I were them, I'd want more.

Quote:

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Originally Posted by robinp

Basically the Lithuanian State Deposit Insurance has had to bail out the bank to the tune of 801 million Lita to make good on deposits etc, the total debt the Bank has is 1.4 billion Lita. The State has more than 50% of the debt (by value) and thus, even if every single other creditor votes against every motion, the State's vote will decide which way every decision goes.

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Yup. :agree:

That's in line with many insolvencies over here, isn't it? The major creditor (normally the bank) holds all the voting power and, for that reason, nobody else bothers to turn up.

Quote:

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Originally Posted by CropleyWasGod

I actually think that UBIG's creditors will be easier to deal with than UKIO's.

UBIG are being offered money for something that has no value, ie the Hearts shares. If I were them, I would jump at that.

UKIO are being offered a little money for something which, arguably, has a much greater value. If I were them, I'd want more.

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I would agree with your assessment which is why I see further delays leading to the inevitable when the cash runs out.

Quote:

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Originally Posted by CropleyWasGod

Yup. :agree:

That's in line with many insolvencies over here, isn't it? The major creditor (normally the bank) holds all the voting power and, for that reason, nobody else bothers to turn up.

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That scenario is frequently the case here.