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Quote:
Originally Posted by CropleyWasGod
Yes, with the exception of Joe Bloggs with too much cash who gives his neighbor £100,000 without taking a security and goes apoplectic at the meeting when he does't get his way and has no priority to be paid. :greengrin
11.40 AM in Lithland now. Meeting started at 10 AM local time. Meeting over yet ? or have they had a tea break to serve Jam Tarts . :greengrin
Meeting was delayed due to some ugly ginger scottish guy hanging about outside, apparently with a cup in his hand and ear to the door. Not even offered a biscuit tae.Quote:
Originally Posted by greenginger
so their fate is in the hands of a lithbank who doesn't really care about anything but money let alone them,the MP will have to get his knees dirty I thinkQuote:
Originally Posted by robinp
Nope.Quote:
Originally Posted by leggeto
The Lithuanian State Depost Insurance is a Government department.
A few staff were told that "liquidation is not out of the question" and that there has been no movement on the share situation for several weeks. BDO have said its an "increasingly growing cause for concern"
BDO have opened a line of communication with the SPFL about keeping their place in the Championship if this does happen.
Radio silence was ordered by Brian Jackson in the run in to the derby and to their inevitable relegation.
Staff have been told to try their best to make the end of the season and meet their commitments. If liquidation does happen then they want the process wrapped us as quickly as possible and the consensus now is that a completely clean start sooner rather than later is probably the best route forward.
I'm moist now.Quote:
Originally Posted by Bajillions
"Hindsight" If only they had made a decision pre share issue and ST sales they "may" have been in a better place right now.......... But they'er no.. :greengrinQuote:
Originally Posted by Bajillions
The club concerned aside, there would, quite rightly, be absolute uproar if this was to happen. Remembering the hankering for Sporting Integrity last year with the now dead Rangers.Quote:
Originally Posted by Bajillions
If Newco was grandfathered in to the Championship, then The Rangers will be up in arms!
If the Big L, how does that work ? And what would happen to the PBS ?Quote:
Originally Posted by Bajillions
I'm guessing that The Rangers would have something to say about that.Quote:
Originally Posted by Bajillions
Ergo there is no chance of that happening.Quote:
Originally Posted by robinp
Without a shadow. There's no way The Hearts would be able to start in the championship if liquidated. Division 4 a cert or even lower. Refer to Darlington 1883Quote:
Originally Posted by grunt
Quote:
Originally Posted by Bajillions
And that is why BJ is p!ssing in the wind. That will never happen in a million years imo :wink:Quote:
Originally Posted by robinp
Yam soup recipes - Ask.com
Blended of course
No idea. I'm of the same opinion as everyone else, I doubt the SPFL would allow it. It would likely go to a vote of the member clubs.Quote:
Originally Posted by Onion
Tynecastle would simply be sold to the highest bidder.
Which would be budge wouldn't it?Quote:
Originally Posted by Bajillions
Why would it?Quote:
Originally Posted by Hermit Crab
If it's on the open market someone else may fancy buying it an renting it back.......
Probably wouldnt get much of a crowd playing Whitehill Welfare though. :greengrinQuote:
Originally Posted by Hermit Crab
Not necessarily.Quote:
Originally Posted by Hermit Crab
More than likely but the business plan would have to change if they are starting a new club in the fourth tier.Quote:
Originally Posted by Hermit Crab
They may try a lower bid.
IMHO, this is the sacred cow in this whole process. Doesn't really matter what happens to the club, they simply cannot afford to lose Tynecastle.Quote:
Originally Posted by Bajillions
IF it gets to an open sale of the PBS, you can really expect the games to begin. Intimidation, political pressure, threats and boycotts will all be used to ensure that FOH or Budgie get the ground for the lowest price possible. If they fail and it does get sold and deve'd into Tesco or flats, then May 2012 will have killed their club.
And why would that be?Quote:
Originally Posted by Ozyhibby
I doubt it. They don't have to keep it as a football stadium and it will be sold separately from the club (Unless BDO start to build a Plan B before it gets to that stage). The stadium alone will go for a lot more than Budge is paying for the whole club just now.Quote:
Originally Posted by Hermit Crab
There isn't the time for that, IMO.Quote:
Originally Posted by Bajillions
Would it not be in the Liths interest to sell the club(shares), but retain Tiny. Or is it all wrapped up in one?Quote:
Originally Posted by Bajillions
In a liquidation, the assets (not the shares) are sold, individually or as a job-lot.Quote:
Originally Posted by LeithenHibby
The individual creditors don't have a say in the transactions; they devolve that responsibility to the liquidator.
They would have to change the business plan because they would be a minimum of 3 years away from the premiership. The current plan allows for two years in the championship with £1.4m annual subsidy from FoH to get them through it. Div 1&2 may require a larger subsidy.Quote:
Originally Posted by LeithenHibby
They would also have to pay stamp duty on the purchase of Tynecastle.
If there were no other bidders then they may be tempted to lower the bid to make up for what they are losing elsewhere.
I have no specialist knowledge, just thinking out loud.
Who in turn, will want top $$$'s for the pot?Quote:
Originally Posted by CropleyWasGod
The thought of old Jambo's having to attend auctions to buy what's left of their trophies and memorabilia.Quote:
Originally Posted by CropleyWasGod
:-)
To achieve top dollar for that site it needs levelled first by a faceless organisation who then sell it on to a developer who can rightly say killing the Hearts was nothing to do with us.Quote:
Originally Posted by LeithenHibby
Like they did for Ibrox etc.?Quote:
Originally Posted by LeithenHibby
Now we'er starting to make some inroads :greengrinQuote:
Originally Posted by Ozyhibby
Different situation entirely.Quote:
Originally Posted by Dunning Hibs
Decent spot to build an Edinburgh Arena. 10,000 seater multi purpose venue. And given that Arena is Spanish for sand the Plummets will love it and most likely bury their heads in it at the first opportunity.Quote:
Originally Posted by LeithenHibby
even better thenQuote:
Originally Posted by CropleyWasGod
How is it different Rangers were liquidated and HMFC could go the same way?Quote:
Originally Posted by CropleyWasGod
Sevco 5088 had an offer included in the CVA to buy the assets in the event of liquidation.Quote:
Originally Posted by JimBHibees
FoH have no such offer ready.
The question was "like they got top dollar for Ibrox?"... presumably a sarcastic reference to the way that went. (and apologies if I've misunderstood that).Quote:
Originally Posted by JimBHibees
Ibrox etc were sold on to Sevco at the price they were, as the direct result of a Plan B being included in the CVA. There was no open-market sale.
In Hearts' case, there is no Plan B in the CVA. Therefore it WILL be an open-market sale.
They will try and pull the line that they're not like the Huns, who's CVA was knocked back, but like Portsmouth who got a CVA vote through but couldn't get the shares.Quote:
Originally Posted by Onion
Anyway, as everybody else has said, the raging Huns will put a stop to any thought of this pretty sharpish.
Which could be some kind of hybrid company registered in the Turks and Caicos with a couple of .netters employed as directors and owned by some mysterious tax lawyers in a small building with 3000 other companies.Quote:
Originally Posted by Ozyhibby
It's also different in that Ibrox only has significant value as a cash generator full of Huns. Tiny would be worth considerably more flattened. :wink:Quote:
Originally Posted by JimBHibees
Ok thanks for explaining that.Quote:
Originally Posted by CropleyWasGod
Thanks.Quote:
Originally Posted by Ozyhibby
Had a yam associate text me earlier telling me that they will be getting the shares etc and CVA agreed today so they will be out of admin in the next few weeks.
I tried to point out that this was not the purpose of today's meeting but he replied that I was bitter
1-5 1902 and all that.
I told him all has been very quite on the BDO and FOH front and Apparantly it's a plan so that when they come out of admin they will announce loads of investment etc
I told him that the big L is closer that getting out of admin to bet old that we are in major financial difficulty and that we are going to be next. 1-5 1902.
The arrogance is galling and for this the Big L and Div 2 is what's required or getting punted totally.
Oh dear. Another parable of our times.Quote:
Originally Posted by robinp
Dear Leader Romanov decreed that the Faithful should show no sympathy to the Huns, and so they did crow and gloat about their demise, and demanded that Sevco be sent to the bottom of the League. And so it came to pass that the Dear Leader did disappear, and the Faithful discovered that their club faced the same fate as the Huns, and wondered if - once again - they had been a little short sighted.
BDO really don't have too many cards left to play - in fact, if the truth be known, they've none at all and they've played their hand. Jackson must also know only too well that he's staring down the proverbial barrel and that liquidation is now agonisingly close. It would be sheer folly if the plans weren't already in place.Quote:
Originally Posted by Bajillions
Not very sporting of him.Quote:
Originally Posted by Aldo
Indeed not however when the inevitable does happen I will take great pleasure in telling him he can have his 1-5 cos on the 19/5/12 only one club died and it wasn't us.Quote:
Originally Posted by Kato
Whenever they don't copy and paste (which is better for Hibs.net) they always misquote me. I clearly said "A few" staff, not all. And as for "How haven't we heard of this then?". You just did hear about it you moron! I just told you.Quote:
Originally Posted by zachearts
None of that lot over there heard
Administration was coming,
The shares never existed,
Details of when BDO would be making specific statements,
When BDO had a meeting with the SPFL,
That Billy Brown and Bryan Jackson would starting a press bombardment trying to get the transfer embargo lifted.
Details of hospitality offers before they became public
That season tickets would not be sold (for whatever reason)
That Adam Kings transfer fee was not the amount quoted
These are just a selection of the pieces of info that my source has given me over the last few months. That I choose to share with Hibs.net. I don't get a hold of this info before it gets to the press, I'm responsible for getting it into the press!
Whether the Yams like it or not, there is at least one person who is fed up of the way they have been treated at Tynecastle so now they don't care what gets out and what doesn't. They are sick of the lies and the positivity outside not reflecting what's actually going on inside
So Kickback, If you're going to quote me either have the decency to do it properly or as I asked earlier, link to the post on Hibs.net so that people can read it for themselves. The guys here can read and know I've been right on several occasions on subjects that can't possibly be guesswork. If you choose to continue burying your head in the sand then please continue. We will stay here and watch from afar as you once again deny what everyone else can see.
Looking forward to calling them Hearts 1874, or The hearts or hearts of lothian or hurts of midlothian or ............... Where's that thread?
Why would The Rangers complain?Quote:
Originally Posted by robinp
Why ? They have not been in Administration......yetQuote:
Originally Posted by grunt
No chance IMOQuote:
Originally Posted by JimBHibees
S.T.F. or a company controlled by him.Quote:
Originally Posted by LeithenHibby
They will all turn up to watch Newco FamousQuote:
Originally Posted by JimBHibees
Spot on.Quote:
Originally Posted by Bajillions
That would easily be achievable.Quote:
Originally Posted by Ozyhibby
These plans will have been made last year IMOQuote:
Originally Posted by Sergey
I Note their highlight reel thread mocking us is way out the way now even the few deluded clowns who tried to say we had got it all wrong have now shut up the reality is the Big L Is almost upon them the faint hope that the shares would be unfrozen has all but gone and the smugness has been replaced by silence
What's it like being a teapot who is always right? :wink:Quote:
Originally Posted by Bajillions
I tried reasoning with a yam at the weekend. He said we cheated in the cup final because we played loan players :rolleyes::aok::faf:Quote:
Originally Posted by Aldo
I can envisage a liquidation where the PBS is bought at auction by a company called 6270 (Cayman Islands) ltd., and the first swing of the wrecking ball taking place at 1.50AM on the 19th of May 2014.
Supermarkets are never popular before they are built.
Never. Anywhere.
Yet the funny thing is, as soon as the talking & shouting stops, the thing gets built & guess what - people always use them
Morrisons know this routine well :)
Quote:
Originally Posted by Onion
You gotta laugh though :aok:Quote:
Originally Posted by Bajillions
Oh I do, every time it happens. I don't want to be liked by Kickback. I don't even really want them to be accurate. I enjoy posting something then reading them trying to convince themselves it's nonsense and then wait a few days or weeks for me to be proved right. It's happened a lot.Quote:
Originally Posted by LeithenHibby
It reminds me of that scene in Still Game where the old duffers are walking over the ice. Each one thinks "Nah, I'm no daft, I'll make it over the icy bit, just you watch" and then BAM! every single one of them falls flat on their erse whilst I watch from afar, laughing.
I recall it well... hahaQuote:
Originally Posted by Bajillions
http://www.youtube.com/watch?v=osD_lUb3eOg
The saddest thing about it is that you are basically only relaying information from one of their own, who actually works for the club, and would have somewhat inevitably been denounced as a Hobo if he tried to convey this news on Kickback. Quite a few sane in-the-know Jambos (like a friend of mine who is an international law expert) have been privately saying that liquidation is inevitable for months now. He would never think of posting on Kickback his understanding of the process of obtaining the UBIG shares, as he would be roundly denounced. However, I suppose that zealotry is part of being a football supporter, and you can't really blame them for wanting to believe the best about their club.Quote:
Originally Posted by Bajillions
There comes a time though, when the sheer weight of logic and evidence has to compel you to address the truth, and I firmly believe they will all feel a lot better when they've finally grasped that particular nettle.
I understand that this might sound a little patronising towards Jambos, but I can assure all our guests looking in, that this was decidedly not my intention. :wink:
If it ever does become a supermarket we'll all have to do a flashmob style shopping.
All Hibbys wearing a hibs item do the shopping and at 7.00 pm we all stop and sing a song. Then carry on shopping.
Just an idea
Bajillions.
Not that I doubt you but what is stopping BJ/BDO shutting the door now? A blind man can see that they are not a viable going concern in the long term, they cannot get anywhere near the shares so what is making it worthwhile to keep them going? What obligation does he, as an administrator, have to keep them going until the end of the season?
I, for one, am bored with them still living and want them dead asap.
Thing that amazes me is that none of the peasants have the sense to get in touch with foh to see what they say to your "allegations".Quote:
Originally Posted by Bajillions
foh always claim they are there to answer questions and occasionally (when it suits them) they put propaganda out on twitter.
If any of them did approach foh and were ignored then they could report it back via kickback.
I have no doubt, as I have said before, that BJ is actively trying to push the legal process on. That is really the only card he has left. He will, of course, be doing that out of sight of any of us.Quote:
Originally Posted by PatHead
In theory, the 3 main issues (UKIO's approval, UBIG's approval, the Court's approval) could all happen positively within the next month. That's very unlikely, of course, but while that possibility exists and there is still enough money in the till, BJ is entitled to stay on his current course.
Simply? Face saving. It's much easier to liquidate in the off season than it is near the split. Liquidation means recalculating the whole league, sorting out all the contracts with businesses, season tickets, players etc. All of this makes BDO look bad. They get a lot of business from football clubs so leaving a see of pissed off fans, businesses, sponsors, staff etc isn't going to ingratiate them with the next club.Quote:
Originally Posted by PatHead
F.O.H. only answered questions initially when they were after Diddies to sign up to D's so that Budgie to put her dosh up to allow BDO to negotiate a CVA with the Liths.Quote:
Originally Posted by scoopyboy
BDO and F.O.H. have known for some time that there is no sign of the shares thawing anytime soon unless they offer an amount approximating to the value of e security over the P.B.S., and consequently BDO and F.O.H. will have already formulated the big L plan but of course could not possibly comment on that.
In the meantime and in the words of the Tremeloes..........
Quote:
Originally Posted by Bajillions
While I bow to you guys knowledge I would suggest that they would be extremely foolish not to have given considerable thought to a Plan B long before now.Quote:
Originally Posted by CropleyWasGod
The "Plan B" I was alluding to was the Sevco-type which was built into the CVA.Quote:
Originally Posted by Kaiser1962
All their threads over on KB on the 'big issue' seem to take on the same format. They start off resolute, confident that everything is in hand and that only formalities need be seen to. Then there's the string of questions seeking assurance of the veracity and accuracy of the 'facts' which they have pinned their hopes on but which they really don't have a clue about. Somewhere along the way, someone drags up Hibs.net and the naughty mischief-makers, followed by a bit of slagging off of the 'usual suspects'. Invariably, a few punters can't contain themselves and the squeaky bum 'doubting Thomases' chip in with their worries. You can just picture the ostriches cursing the 'bed-wetters'.
So that'll be them being extremely foolish then. Their whole campaign has been packed with hubris and counting eggs as chickens. The "Big Team" attitude has seen them missing a trick there.Quote:
Originally Posted by Kaiser1962
It's not really. If administration doesn't happen, liquidation follows. There's not a lot they could do about that.Quote:
Originally Posted by Kato
Other than the dodgy, still-to-be-tested, Sevco-type deal, there really isn't an alternative for them.
Oh well. They still acted like they were Billy Big Baws when they were hooting on about the size of their movement.Quote:
Originally Posted by CropleyWasGod
I accept that but BJ is not a stupid man and I would guess there must have been alternatives disussed, whatever that involves. I would expect BJ to know what he is going to do should the path to the shares be blocked, whether FOH or Bidco know is another matter.Quote:
Originally Posted by CropleyWasGod
Oh I do hope so!Quote:
Originally Posted by Kato
Quote:
Originally Posted by Weststandwanab
I may be wrong - and it's been known - but isn't the size of the offer irrelevant given that the shares are 'frozen' due to an ongoing criminal investigation? They could offer £100m and it wouldn't make a hoot of difference.
:agree: Everyone knows that, even laymen with little knowledge of the Edinburgh property market.... yet the Liths (sitting on the security and having lost a lot of money) are prepared to accept much less than the true market value ? Are the Liths just ignorant or disinterested ?Quote:
Originally Posted by Bajillions
Those damned lucky Lowland League clubs, who have bold proclamations like 'Spartans and Edinburgh City are no longer our rivals' to look forward to!Quote:
Originally Posted by Kato
Quote:
Originally Posted by Bajillions
So if they crawl over the line get relegated and survive till the last game this season is played with no sign of the shares is Liquidation a high probability ? or a certainty ?
Did BDO ever disclose why there was no plan B in a scenario similiar to Sevco?Quote:
Originally Posted by CropleyWasGod
Secondly how do you ever get any work done?:greengrin
I'd guess both :wink:Quote:
Originally Posted by stevejordan
If they stumble across the finish line, and BJ does say they have funds to get there, I'd say it's big L for sure.........
In my opinion the size of the offer would influence a thawing possibility.Quote:
Originally Posted by BonnieFitbaTeam
Even if the shares are frozen because of fraud, I am sure they could be unfrozen, for the right sum, and the proceeds held in trust until the criminal matters have been dealt with and, assuming an innocent verdict is achieved, the sale prceeds could then be released to the rigtful owners or Liqdator.
If the offer was £100m I think you would find the shares unfrozen the same day.
I'm almost hoping that we finish in the bottom six now. Here's a banner idea for the game at the PBS:
JAMBO'S, THANKS FOR THE PARTY,
EVERYBODY BACK TO OURS FOR THE LIQUIDATION BASH!
If Yams don't make it to the end of the season they have to pay back £800k+ to SPFL so they will limp on until May somehow. They then should go into Liquidation ASAP IMO so they can quote the Oldco precedent of tier 4 before the pyramid system kicks in & they find themselves not just training at Riccarton but playing there on a Saturday as well.Quote:
Originally Posted by PatHead
BJ doesn't really need a plan B. If he can't get the shares, he liquidates. Job done.Quote:
Originally Posted by Kaiser1962
It's FoH who need the plan B. I'm sure they have one but their failure to communicate with the yams means they could have problems getting it of the ground. All the money collected so far was on the understanding that it was to buy Hearts not start a new club in the fourth tier of Scottish football.
When does this kick in?Quote:
Originally Posted by brog
If, they do liquidate, where would they play next season?....
Moving from Admin to Liquidation is HUGE and easily the most serious development in this saga. BDO will have to get all their ducks lined up, their PR machine well oiled and spin doctors (e.g. players, politicians, business men etc) fully briefed with the most positive spin they can possibly put on this. They'll have to be able to answer most of the tough questions we've all been asking on Hibs.net. The Yams have been fed a diet of nothing but good news for the last 9 months. They are a seriously deranged lot and will be out for blood of this all collapses in a heap.Quote:
Originally Posted by Kaiser1962
What league ? what happens to PBS ? players contracts ? Staff ? Diddies money ? next season ? and so on.
If they end up in the lower leagues and lose the PBS, the mob will not blame Vlad or Rudi or Locke. They will blame BDO & BJ.
And to think that Mercer kicked it all off in the 80's. It's taken way to long to be where we are today for my liking. :agree:Quote:
Originally Posted by Onion
The point is that there is only one alternative to the CVA.Quote:
Originally Posted by Kaiser1962
Of course BJ knows what he is going to do in that eventuality. He will speed-dial his favourite liquidator.
An increase in the size of the offer would involve a completely new CVA, no?Quote:
Originally Posted by Weststandwanab
And there isn't time for that.
Not the first time I've been asked either question :greengrinQuote:
Originally Posted by KeithTheHibby
On the first, I'd actually prefer to turn it on its head. How did D&P manage it? That's still to be explained, and investigated, by the Rangers' liquidators. In Hearts' case, I would think it unlikely to have worked, because UKIO (as secured creditor) would have kicked up a fuss.
On the second.....
This IS my work. :cb
They still seem to think all will be well saying that BDO Know what they are doing big proffesional company bla bla bla they wont accept that this is only weeks away now from imploding it looks like the wait will have been worth it as its been a slow painful deathQuote:
Originally Posted by LeithenHibby
It would and I am sure they will "find the time" to do it if that was an option.Quote:
Originally Posted by CropleyWasGod
May I attend ?Quote:
Originally Posted by Dashing Bob S
F.O.H. would require a change of Constitution, cue the M.P.Quote:
Originally Posted by Ozyhibby
They may not play at allQuote:
Originally Posted by LeithenHibby
Who is that CWG ?Quote:
Originally Posted by CropleyWasGod
They being, HMFC fans?.Quote:
Originally Posted by stevejordan
I'm sure BJ and BDO do know what they are doing, but when BJ first stepped inside Tiny he made it perfectly clear that he hadn't seen anything like it, and I'm sure he has seen some £ucked up companies over the years........
We still don't know how the meeting went today!!...... I know that HMFC weren't part of the agenda and we shall just have to wait until the next meeting, whenever that may be. :cb
Quote:
Originally Posted by LeithenHibby
Yes by them i mean the deluded hear7s fans
Did BDO not already pre-appoint themselves in the event of the Big L? Istr that from the initial creditors' meeting?Quote:
Originally Posted by CropleyWasGod
Yes, Jackson will become a Yam hate figure, but hate the game, not the player. They custodians they drooled over left their club in such an unholy mess that all he could really do is cut costs, sit back and wait for the phone call from Lithuania that never came and pocket his fees.Quote:
Originally Posted by LeithenHibby
We won't know what happened at the meeting today until Green Ginger brings us a badly translated press clipping from Lithuania. We will then briefly scan the document and conclude that the lucky b******* have been saved again. CWG and RobinP will then read it properly and see that nothing to do with the yams actually happened today which is good news for us and we will all rejoice again.Quote:
Originally Posted by LeithenHibby
And really rejoice if they say there won't be another meeting for about 6 months.
You might be right. But, I thought that they couldn't do both. Part of the liquidator's job is, IIRC, to review the conduct of the administration, so you could see that there might be a conflict of interest.Quote:
Originally Posted by JeMeSouviens
CBA looking it up.... but someone will. :greengrin
Quote:
Originally Posted by PatHead
They are currently in the phase of taking their payment from Hearts income.
Call me cynical if you like but, the earlier BDO end this, the less money they get to remove from the club for themselves.
No club = no income = shorter holidays in The Seychelles for Mr Jackson, et al.