Share Transfers Agreed/Cooling off period

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Originally Posted by Sergey

And what's that divot from the BBC on per day?

They really thought there was going to be breaking news?

I very much doubt said divot speaks one word of Lithuanian (neither do I, may I add) and he's probably had to sit through a legal process not knowing what the **** was occurring. Then has to tweet the outcome.

You honestly couldn't make this sort of **** up.

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The best bit was FOH and I'm an MP where following and quoting his tweets.
You missed a fun packed thread yesterday,it was a hoot with a tad nannie thrown in.
The best bit was "no UKIO creditors meeting"hmm and this was the meeting that on
Kickinthesack was causing so many of there members to quote they had "sleepless night" and "been jobbying all morning".It now transpires,no meeting = allsbarry again:agree:

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Originally Posted by Greenworld

Ok just of the phone here is the truth....things not looking
great Bdo to continue to push but looks to be a real gap in discussions now
Talks to be held over the next few days but it will not
Drag on much longer.
Feeling from hearts end is not good now.
Looks like the the .net were right all a long

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And to think I thought you could have been a yam undercover:greengrin

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Originally Posted by Jim44

BBC saying BDO have approached the Liths to see if they can get early payment of cash due to them. I'll be amazed if they get it without good assurance from the Liths that the shares will definitely be transferred in the not too distant future. But if the Liths could do that, why the present delay?

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Where to BDO expect the cash to come from ?

The Tynecastle Kitty is empty, I don't think Budge will put money in until the ink is 100% dry on everything, that only leaves the Lith admin.to hand over some of cash gathered in Lithuania.

Not very likely.

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Originally Posted by EdinCapitals

Not the 1-5th of May as one last show of defiance?

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It could be but as BDO will pick the date - subject to Court approval - it is unlikely unless BJ is keeping it green.

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Originally Posted by Jim44

BBC saying BDO have approached the Liths to see if they can get early payment of cash due to them. I'll be amazed if they get it without good assurance from the Liths that the shares will definitely be transferred in the not too distant future. But if the Liths could do that, why the present delay?

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You mean the SPFL, not the Liths

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Originally Posted by Golden Fleece

You mean the SPFL, not the Liths

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Ah ! so it is cash for the Yams, not to keep BDO going.

They must have laid out a few bob on travel expenses. I wonder if he flies business class ? :greengrin

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Originally Posted by greenginger

Where to BDO expect the cash to come from ?

The Tynecastle Kitty is empty, I don't think Budge will put money in until the ink is 100% dry on everything, that only leaves the Lith admin.to hand over some of cash gathered in Lithuania.

Not very likely.

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I'm probably just having a excess of financial info induced memory-lapse, but why would the Liths be due them money??

Edit: Just read GF's post...

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Originally Posted by Bishop Hibee

From the Gasman himself:

"Ukio agreed a CVA in November, conditional upon the transfer of UBIG's shareholding.
Today UBIG agreed to that transfer, so the legally binding CVA is now in place.
Ukio's creditors meeting is a legal formality to ratify that decision, and is expected by the end of next week."

No problems there then.

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Seems plausible.

Vlad's been lifted !


http://translate.googleusercontent.c...wAv6aR1RLxyrQw

Our Prince has been nabbed.

Wouldn't surprise me if the SPFL have advised them to make this approach. Personally think it should be held back to pay their football debt in the event of liquidation.

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Originally Posted by Spike Mandela

Wouldn't surprise me if the SPFL have advised them to make this approach. Personally think it should be held back to pay their football debt in the event of liquidation.

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They still need to pay their football debts if they start as a Newco I thought

Statement from Ian (I'm an MP) Murray

Apologies for not posting this earlier but there has been difficulties getting on to Kickback this afternoon. Just shows you how important a service it provides. We are obviously disappointed that both creditors meetings for UKIO and UBIG did not take place. However, the positive news about the UBIG creditors meeting agreeing the transfer of their 50% shareholding in Hearts is a significant step forward. This should not be underestimated. We understand that lengthy discussions have taken place between Hearts Administrators, BDO, and the lawyers administrating Ukio Bankas. The outcome of these discussions were positive and it is hoped that a Ukio creditors meeting will take place before the end of next week (Easter). It has transpired that there was not to be a formal Ukio creditors meeting today so nothing has been delayed or postponed. The date will be set shortly. We are working on the information as we receive it.

We have taken a huge step towards delivering the Creditors Voluntary Agreement (CVA) today and, to use a football analogy, we would have taken this result before the game. However, we do appreciate how frustrating this is for the supporters and for everyone connected to the Club. We would have wanted a final conclusion. One major hurdle has been cleared with one to go.

We will continue to work closely with BDO and BIDCO to get this deal over the line as quickly as possible and thank all the supporters for their continued patience at this time.

Tonight Hearts is much closer to being out of administration than it was yesterday. It is a considerable achievement to have got this far. We thank BDO and the teams at UKIO Bankas and UBIG for their sterling efforts and look forward to a positive outcome as soon as possible. I, and FoH, will provide as much information as we can in the coming days.

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Originally Posted by Hibs7

BBC doing the same. .. Poor poor journalism, but what do you expect from these amateur Scottish supposed news networks !!

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The BBC and Maclaughlin in his update from lith last night on sport sound said that ukio owned tyne castle.

I thought our ITK chaps were sure Hertz(IA) still owned the stadium.

#moreincorrectreporting

Jamie Borthwick from STV saying Vlad has been arrested in Moscow. That could be even more delays for Hearts if there is a criminal investigation about to start?

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Originally Posted by desantos0773

I'll ask him in the morning when I speak to him.

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Bryan says nothing has changed on the frozen shares. UKIO creditors expected to meet on 18^th April. Even if they accept a further 20 day cooling off period takes you to 8^th May then apply to the court to unfreeze shares. I asked him the time frame for the latter and he says how long is a piece of string!

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Originally Posted by desantos0773

Bryan says nothing has changed on the frozen shares. UKIO creditors expected to meet on 18^th April. Even if they accept a further 20 day cooling off period takes you to 8^th May then apply to the court to unfreeze shares. I asked him the time frame for the latter and he says how long is a piece of string!

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Portsmouth's court case took 5 months to happen.

More delays ha ha come on I just want them dead so I can get it right up them! I want the big L now PBS sold! I got so much grief from YAMS last night after our result more 1-5 1902 crap, so that's it for me, no sympathy get them gone and as soon as possible!!

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Originally Posted by CropleyWasGod

It was Bradley who reported that the shares are frozen. So far, he's the only journalist to mention them. http://www.bloomberg.com/news/2013-0...-s-assets.html Quote:- The assets of Ukio Banko Investicine Grupe, or UBIG, through which Romanov controls 79 percent of Hearts in Edinburgh, were blocked yesterday in the course of a lawsuit against the Russian-born investor and his sister, Olga Goncaruk, Kaunas District Court said today on its website. “Any sale or transfer” of UBIG’s shares in Hearts or its other property “is forbidden,” Gintare Putnikiene, a spokeswoman for the court in Kaunas said by phone today.

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Now how funny will the 400,000 faces be if/when they get all their agreements in place and they are celebrating their survival .......... Only for the court to say ..... Eh sorry girls, the shares are actually frozen and we'll decide when we switch the freezer off...... Jog on now !!!!

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Originally Posted by desantos0773

Bryan says nothing has changed on the frozen shares. UKIO creditors expected to meet on 18^th April. Even if they accept a further 20 day cooling off period takes you to 8^th May then apply to the court to unfreeze shares. I asked him the time frame for the latter and he says how long is a piece of string!

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Choice?

Sit in a meeting on Good Friday to decide what to do about all the money they have lost, or sit on a beach in the sun on a public holiday. I know where I'd rather be. :greengrin

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Originally Posted by desantos0773

Bryan says nothing has changed on the frozen shares. UKIO creditors expected to meet on 18^th April. Even if they accept a further 20 day cooling off period takes you to 8^th May then apply to the court to unfreeze shares. I asked him the time frame for the latter and he says how long is a piece of string!

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But you said the shares were not frozen yesterday?

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Originally Posted by desantos0773

The UKIO or UBIG shares or assets held or they have a claim over are not Vlad's and therefore not frozen.

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Originally Posted by CB_NO3

Jamie Borthwick from STV saying Vlad has been arrested in Moscow. That could be even more delays for Hearts if there is a criminal investigation about to start?

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He will mysteriously perish in the hands of the KGB

http://www.lrytas.lt/-13968738571396...%85-hearts.htm

Article from Lith. press on the UBIG share " agreement " from yesterday.

Third paragraph is worth noting.

" According to her ( UBIG Admin. ) the transaction will take place if not appealed the creditors meeting minutes. She hinted that the meeting was conflicting transaction. "

So all not quite done and dusted either. :thumbsup:

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Originally Posted by Technofob

The BBC and Maclaughlin in his update from lith last night on sport sound said that ukio owned tyne castle.

I thought our ITK chaps were sure Hertz(IA) still owned the stadium.

#moreincorrectreporting

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They do.

http://www.bbc.co.uk/sport/0/football/26935230

Hearts administrators BDO are trying to establish if money due to be handed out at the end of the season can be paid to the club now.
BDO have approached the Scottish Professional Football League as they seek to raise cash to help Hearts fulfil their fixtures.
Relegation was confirmed on Saturday but Hearts will still be due a share of Scottish Premiership monies.
It is believed BDO only have enough money to keep Hearts going until April.
However, if extra funds can be found it is hoped full agreement over Anne Budge's proposed takeover can be finalised by the time the season ends.
Creditors of major shareholder UBIG have agreed to transfer their 50% holding to BIDCO, the Budge-backed vehicle for future fan control of Hearts.
But no deal has yet been reached regarding the 29% shares held by Ukio Bankas, which holds a charge on Tynecastle Stadium.
With the Premiership now splitting in two, Hearts have five fixtures remaining against their fellow bottom-six sides. The Tynecastle outfit's next match is against Ross County on 19 April.

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Originally Posted by hoxtonhibby

http://www.bbc.co.uk/sport/0/football/26935230

Hearts administrators BDO are trying to establish if money due to be handed out at the end of the season can be paid to the club now.
BDO have approached the Scottish Professional Football League as they seek to raise cash to help Hearts fulfil their fixtures.
Relegation was confirmed on Saturday but Hearts will still be due a share of Scottish Premiership monies.
It is believed BDO only have enough money to keep Hearts going until April.
However, if extra funds can be found it is hoped full agreement over Anne Budge's proposed takeover can be finalised by the time the season ends.
Creditors of major shareholder UBIG have agreed to transfer their 50% holding to BIDCO, the Budge-backed vehicle for future fan control of Hearts.
But no deal has yet been reached regarding the 29% shares held by Ukio Bankas, which holds a charge on Tynecastle Stadium.
With the Premiership now splitting in two, Hearts have five fixtures remaining against their fellow bottom-six sides. The Tynecastle outfit's next match is against Ross County on 19 April.

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Since when? :rolleyes:

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Originally Posted by CropleyWasGod

Since when? :rolleyes:

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From the ever reliable Brian McLauchlin

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Originally Posted by hoxtonhibby

http://www.bbc.co.uk/sport/0/football/26935230

Hearts administrators BDO are trying to establish if money due to be handed out at the end of the season can be paid to the club now.
BDO have approached the Scottish Professional Football League as they seek to raise cash to help Hearts fulfil their fixtures.
Relegation was confirmed on Saturday but Hearts will still be due a share of Scottish Premiership monies.
It is believed BDO only have enough money to keep Hearts going until April.
However, if extra funds can be found it is hoped full agreement over Anne Budge's proposed takeover can be finalised by the time the season ends.
Creditors of major shareholder UBIG have agreed to transfer their 50% holding to BIDCO, the Budge-backed vehicle for future fan control of Hearts.
But no deal has yet been reached regarding the 29% shares held by Ukio Bankas, which holds a charge on Tynecastle Stadium.
With the Premiership now splitting in two, Hearts have five fixtures remaining against their fellow bottom-six sides. The Tynecastle outfit's next match is against Ross County on 19 April.

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Remarkable arrogance.

Why do they think they are entitled to this money now?

Utter desperation here and if the SPFL have any hee haws they will tell them to eff off.

What a bloody cheek! :confused:

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Originally Posted by CropleyWasGod

They do.

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Thanks for that.

As has been said many times on here,these guys are primarily sports reporters but there is no excuse for getting the basics wrong time and again.

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Originally Posted by CropleyWasGod

Since when? :rolleyes:

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At yesterday's meeting? Isn't this what they are all getting excited about?

Following that story, it then says that Ukio are expected to meet 'by the end of next week' - so not specifically Friday, but the Easter holiday will surely put a spanner in the works.

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Originally Posted by HIBERNIAN-0762

Remarkable arrogance.

Why do they think they are entitled to this money now?

Utter desperation here and if the SPFL have any hee haws they will tell them to eff off.

What a bloody cheek! :confused:

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It's the Gretna precedent. BDO will say they can't complete the season without it, and I imagine SPFL will advance them the money on that basis.

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Originally Posted by HIBERNIAN-0762

Remarkable arrogance.

Why do they think they are entitled to this money now?

Utter desperation here and if the SPFL have any hee haws they will tell them to eff off.

What a bloody cheek! :confused:

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Football debts in the region of £ 535,000. How much is the final payment to the bottom club in the league ?

Maybe £ 535,000.15 .....:greengrin

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Originally Posted by jgl07

Has a figure been set for the football related debts for football related debts for Hearts?

I was talking to Andy Driver's former flatmate and he reckons he was due around £135,000 in unpaid wages from Hearts.

Those sort of figures will be a lot to carry for any Newco in League Two or the Lowland League.

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I think CWG confirmed already, total football debts are £535,000 & Andy Driver is shown as £114k of that total!

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Originally Posted by jacomoseven

At yesterday's meeting? Isn't this what they are all getting excited about?

Following that story, it then says that Ukio are expected to meet 'by the end of next week' - so not specifically Friday, but the Easter holiday will surely put a spanner in the works.

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More shoddy reporting, I'm afraid.

The shares are being transferred to FOH, not BIDCO. The CVA arrangement is with them.

If they can't get stuff like that right, how can we believe anything else they tell us?

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Originally Posted by jacomoseven

It's the Gretna precedent. BDO will say they can't complete the season without it, and I imagine SPFL will advance them the money on that basis.

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They have to be sensitive to other clubs as well. Those other clubs will lose income if HMFC don't play their games.

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Originally Posted by jacomoseven

At yesterday's meeting? Isn't this what they are all getting excited about?

Following that story, it then says that Ukio are expected to meet 'by the end of next week' - so not specifically Friday, but the Easter holiday will surely put a spanner in the works.

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But that decision is also open to appeal and the decision was seemly " conflicted " .

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Originally Posted by CropleyWasGod

More shoddy reporting, I'm afraid.

The shares are being transferred to FOH, not BIDCO. The CVA arrangement is with them.

If they can't get stuff like that right, how can we believe anything else they tell us?

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Yes, you're right of course.

But in reality this is a takeover by Ann Budge (with an understanding that the club will eventually pass back into the hands of FoH). That's how I read it.

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Originally Posted by CapitalGreen

But you said the shares were not frozen yesterday?

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They weren't. It was more like a year ago. :wink:

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Originally Posted by hoxtonhibby

http://www.bbc.co.uk/sport/0/football/26935230

Hearts administrators BDO are trying to establish if money due to be handed out at the end of the season can be paid to the club now.
BDO have approached the Scottish Professional Football League as they seek to raise cash to help Hearts fulfil their fixtures.
Relegation was confirmed on Saturday but Hearts will still be due a share of Scottish Premiership monies.
It is believed BDO only have enough money to keep Hearts going until April.
However, if extra funds can be found it is hoped full agreement over Anne Budge's proposed takeover can be finalised by the time the season ends.
Creditors of major shareholder UBIG have agreed to transfer their 50% holding to BIDCO, the Budge-backed vehicle for future fan control of Hearts.
But no deal has yet been reached regarding the 29% shares held by Ukio Bankas, which holds a charge on Tynecastle Stadium.
With the Premiership now splitting in two, Hearts have five fixtures remaining against their fellow bottom-six sides. The Tynecastle outfit's next match is against Ross County on 19 April.

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I think this is blackmail - advance us the money & we'll complete our fixtures, don't do it & we'll leave the League looking stupid. Of course they ( Yams ) really have no clout, if they don't complete their fixtures they have to pay SPFL back £830k, more football debt for the new owners!

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Originally Posted by desantos0773

Bryan says nothing has changed on the frozen shares. UKIO creditors expected to meet on 18^th April. Even if they accept a further 20 day cooling off period takes you to 8^th May then apply to the court to unfreeze shares. I asked him the time frame for the latter and he says how long is a piece of string!

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So even though more than one person works on the Lithuanian desk your "contact" is the oft mentioned Mr Bradley after all.

Cloak and Dagger at its most mysterious!

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Originally Posted by CB_NO3

Jamie Borthwick from STV saying Vlad has been arrested in Moscow. That could be even more delays for Hearts if there is a criminal investigation about to start?

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Surely it's the opposite? If he has been arrested the trial can be started wheras before it couldn't. If he has been arrested at least the following trial would bring the frozen shares issue more clearly in to focus.

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Originally Posted by jacomoseven

Yes, you're right of course.

But in reality this is a takeover by Ann Budge (with an understanding that the club will eventually pass back into the hands of FoH). That's how I read it.

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Yeah, I know I'm being pedantic...but I have a real bee up my erse about the MSM just now.

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Originally Posted by Ozyhibby

I've added you to my list of ITK posters.
:-)

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I'm honoured!! :greengrin Sergey may even buy me a drink next time we meet now I've received the supreme accolade!!

BDO just the same as Vlad. If they don't have enough cash to finish the season then maybe they shouldn't have signed Danny Wilson or the crap guy from West Ham.
Still speculating to accumulate.
Still putting out a team they can't afford.
Hearts will never learn.

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Originally Posted by CropleyWasGod

Yeah, I know I'm being pedantic...but I have a real bee up my erse about the MSM just now.

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Fair enough - someone needs to pull them up because their editors seem to have given up the ghost.

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Originally Posted by CapitalGreen

But you said the shares were not frozen yesterday?

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There's always a nit picker!:wink:

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Originally Posted by jacomoseven

It's the Gretna precedent. BDO will say they can't complete the season without it, and I imagine SPFL will advance them the money on that basis.

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Gretna didn't have a multi millionaire willing to step in to takeover. If they need more money she should foot the bill. SPFL should tell them to bolt

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Originally Posted by Ozyhibby

BDO just the same as Vlad. If they don't have enough cash to finish the season then maybe they shouldn't have signed Danny Wilson or the crap guy from West Ham.
Still speculating to accumulate.
Still putting out a team they can't afford.
Hearts will never learn.

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How about the friendly against Wolfsburg which probably ended up costing them money? :hilarious

Or the funds that have gone to FoH which they can't touch, while Tynecastle has failed to sell out all season? :hilarious

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Originally Posted by HUTCHYHIBBY

So even though more than one person works on the Lithuanian desk your "contact" is the oft mentioned Mr Bradley after all.

Cloak and Dagger at its most mysterious!

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There are others I speak to about the economy and finacial system. But Bryan was the one tailing Ukio.

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Originally Posted by brog

I'm honoured!! :greengrin Sergey may even buy me a drink next time we meet now I've received the supreme accolade!!

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Would he not just be buying it for himself? ;-)

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Originally Posted by Spike Mandela

Surely it's the opposite? If he has been arrested the trial can be started wheras before it couldn't. If he has been arrested at least the following trial would bring the frozen shares issue more clearly in to focus.

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You would be looking at years before any trial can start, Yams don't have weeks!

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Originally Posted by BH Hibs

Gretna didn't have a multi millionaire willing to step in to takeover. If they need more money she should foot the bill. SPFL should tell them to bolt

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And who should foot the bill for those clubs that would lose income by not having home games against Hearts?

I think the clubs, who are the SPFL after all, will be happy to advance the money.

Brian Marjoribanks ‏@DMMarjoribanks · 38m
Vladimir Romanov faces charges of "misappropriation and embezzlement". Lithuanian law provides for imprisonment up to 7 years. 1/2

Brian Marjoribanks ‏@DMMarjoribanks · 35m
But a spokesman for Mr Romanov's fallen business empire in Lithuania says: "It might be that the list of his doings is not finished yet."

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Originally Posted by HIBERNIAN-0762

Remarkable arrogance.

Why do they think they are entitled to this money now?

Utter desperation here and if the SPFL have any hee haws they will tell them to eff off.

What a bloody cheek! :confused:

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With the current bravehearts love in I am 100% certain they will get it. Always was the fallback plan imo and the Gretna precedent will make it a foregone conclusion. Wouldn't surprise me if calls were made by Doncaster to BDO saying"just give us a ring if it gets tight mate". Puts a slight dent in the FoH budget for next season though.

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Originally Posted by CropleyWasGod

And who should foot the bill for those clubs that would lose income by not having home games against Hearts?

I think the clubs, who are the SPFL after all, will be happy to advance the money.

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I doubt very much that they will be 'happy' to hand over cash to the crooks. I would see it more as reluctantly they will hand over some money to avoid a worse fate of having an uncompleted season.

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Originally Posted by s.a.m

Brian Marjoribanks ‏@DMMarjoribanks · 38m
Vladimir Romanov faces charges of "misappropriation and embezzlement". Lithuanian law provides for imprisonment up to 7 years. 1/2

Brian Marjoribanks ‏@DMMarjoribanks · 35m
But a spokesman for Mr Romanov's fallen business empire in Lithuania says: "It might be that the list of his doings is not finished yet."

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Could this cause problem for the gorge tramps in getting a deal done?

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Originally Posted by Spike Mandela

Surely it's the opposite? If he has been arrested the trial can be started wheras before it couldn't. If he has been arrested at least the following trial would bring the frozen shares issue more clearly in to focus.

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The Lithuanian government wont release any 'frozen' shares surely until the trial is done and dusted. As someone else says, that could potentially take years. They would have to investigate backlogs of dodgy transactions, money laundering involving 3 or 4 different countries, different types of organisations from football clubs, basketball clubs, to banks in the UK, banks in the baltic states, metal plants in Bosnia and so on.

I see what you mean though, if he was never found then the 'frozen' shares might have never ever got released.

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Originally Posted by jgl07

I doubt very much that they will be 'happy' to hand over cash to the crooks. I would see it more as reluctantly they will hand over some money to avoid a worse fate of having an uncompleted season.

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Let them limp over the line, then they get the parachute payment for relegation.

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Originally Posted by jgl07

I doubt very much that they will be 'happy' to hand over cash to the crooks. I would see it more as reluctantly they will hand over some money to avoid a worse fate of having an uncompleted season.

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Ok, maybe "happy" isn't the right word. "Well-advised" would be better.

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Originally Posted by Spike Mandela

Surely it's the opposite? If he has been arrested the trial can be started wheras before it couldn't. If he has been arrested at least the following trial would bring the frozen shares issue more clearly in to focus.

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If he is being charged and a date set for a trial, they will have a complete case against him. If any of the evidence (ie: the assets, meaning the shares) were tampered with, his lawyers will be all over it. Also, they will appeal at every juncture. This case could run for months and months.

It could also bring worse news for Hearts. The money they were using to underwrite their crazy spending will inevitably be shown to be dirty. This would put the football authorities in this country in a terrible position. If they won points, prizes and prize money through cash earned through drugs/ human trafficking/ financial corruption, where does that leave sporting integrity? There is also the position of officers of the club during Vlad's tenure. They too, might be liable to prosecution.

On a completely different matter, I'm convinced that the local national and national politicians who were keen to assist and facilitate Vlad's ownership of Hearts are above reproach and took no remuneration for their consultancy roles. They will be as glad as anybody to see him in the dock, testifying to his full involvement with Hearts.

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Originally Posted by Spike Mandela

With the current bravehearts love in I am 100% certain they will get it. Always was the fallback plan imo and the Gretna precedent will make it a foregone conclusion. Wouldn't surprise me if calls were made by Doncaster to BDO saying"just give us a ring if it gets tight mate". Puts a slight dent in the FoH budget for next season though.

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I've been saying for some time that they'll see out the season, even if it takes an advance of their "prize money". Mid May is when they'll liquidate if things haven't improved.

OK lets say they get paid " up front" . It just means that that money won't be there come the start of next season - cash flow problems
again ?
Remember the old cliche " You can only sell the family silver once " !!
Remember too - Mrs B hasn't signed anything yet it's still all " perhaps/maybe "
:rolleyes:

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Originally Posted by jdships

OK lets say they get paid " up front" . It just means that that money won't be there come the start of next season - cash flow problems
again ?
Remember the old cliche " You can only sell the family silver once " !!
Remember too - Mrs B hasn't signed anything yet it's still all " perhaps/maybe "
:rolleyes:

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:agree:

Everything has consequences. Surviving this season just starts a whole new round of problems for the maroon ones.

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Originally Posted by greenginger

http://www.lrytas.lt/-13968738571396...%85-hearts.htm

Article from Lith. press on the UBIG share " agreement " from yesterday.

Third paragraph is worth noting.

" According to her ( UBIG Admin. ) the transaction will take place if not appealed the creditors meeting minutes. She hinted that the meeting was conflicting transaction. "

So all not quite done and dusted either. :thumbsup:

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I asked my contact to translate the article and the third paragraph reads:

Irena Janulionienė states: "there were dissenters among the creditors and the decision might be challenged in court...."

Why are they still in hiding on Hunchback? Are they afraid of Hibby trolls, or are the shameless yins actually feeling embarrassed?

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Originally Posted by Sergey

I asked my contact to translate the article and the third paragraph reads:

Irena Janulionienė states: "there were dissenters among the creditors and the decision might be challenged in court...."

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Excellent news.

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Originally Posted by Dashing Bob S

It could also bring worse news for Hearts. The money they were using to underwrite their crazy spending will inevitably be shown to be dirty. This would put the football authorities in this country in a terrible position. If they won points, prizes and prize money through cash earned through drugs/ human trafficking/ financial corruption, where does that leave sporting integrity? There is also the position of officers of the club during Vlad's tenure. They too, might be liable to prosecution.

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:agree:

I have thought for a while that there is worse news to come for Hearts. They have been massively overplaying their hand by trying to claim they were victims in all of this, because if evidence comes to light of HMFC laundering money for the Romanov empire, the backlash will be even fiercer.

Even the Huns will be able to claim moral superiority over them - imagine that!

Quote:

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Originally Posted by Hot Shot Hamish

Statement from Ian (I'm an MP) Murray

Apologies for not posting this earlier but there has been difficulties getting on to Kickback this afternoon. Just shows you how important a service it provides. We are obviously disappointed that both creditors meetings for UKIO and UBIG did not take place. However, the positive news about the UBIG creditors meeting agreeing the transfer of their 50% shareholding in Hearts is a significant step forward. This should not be underestimated. We understand that lengthy discussions have taken place between Hearts Administrators, BDO, and the lawyers administrating Ukio Bankas. The outcome of these discussions were positive and it is hoped that a Ukio creditors meeting will take place before the end of next week (Easter). It has transpired that there was not to be a formal Ukio creditors meeting today so nothing has been delayed or postponed. The date will be set shortly. We are working on the information as we receive it.

We have taken a huge step towards delivering the Creditors Voluntary Agreement (CVA) today and, to use a football analogy, we would have taken this result before the game. However, we do appreciate how frustrating this is for the supporters and for everyone connected to the Club. We would have wanted a final conclusion. One major hurdle has been cleared with one to go.

We will continue to work closely with BDO and BIDCO to get this deal over the line as quickly as possible and thank all the supporters for their continued patience at this time.

Tonight Hearts is much closer to being out of administration than it was yesterday. It is a considerable achievement to have got this far. We thank BDO and the teams at UKIO Bankas and UBIG for their sterling efforts and look forward to a positive outcome as soon as possible. I, and FoH, will provide as much information as we can in the coming days.

---

In my more charitable moments, I dismiss JKB as representing the lunatic fringe and living-with-mammy keyboard warriors only, and not representative of the wider Yambo nation.

Seems this is not the case...

Quote:

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Originally Posted by Mikey

I've been saying for some time that they'll see out the season, even if it takes an advance of their "prize money". Mid May is when they'll liquidate if things haven't improved.

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It's a logical step in some ways, but if they pull the plug then it gives them very little time to get the Newco up and running for next season, especially if they lose the PBS. They can't afford a season in limbo.

It's more than possible that there might be some deal to smooth a Newco passage into the lower leagues throughout this process though!

Quote:

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Originally Posted by jacomoseven

:agree:

I have thought for a while that there is worse news to come for Hearts. They have been massively overplaying their hand by trying to claim they were victims in all of this, because if evidence comes to light of HMFC laundering money for the Romanov empire, the backlash will be even fiercer.

Even the Huns will be able to claim moral superiority over them - imagine that!

---

Yes, this is where I've been at. As far as they've fallen already, they haven't potentially hit the bottom yet.

Anyone else get the feelung that this is all just a stalling tactic, theg are really just getting the house in order for liquidation asking the spfl for assurances that the will go to l2?

They could be stripped of all honours won during his time.

Quote:

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Originally Posted by TRC

Anyone else get the feelung that this is all just a stalling tactic, theg are really just getting the house in order for liquidation asking the spfl for assurances that the will go to l2?

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Yes.

Quote:

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Originally Posted by Waxy

They could be stripped of all honours won during his time.

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Not a chance, I'm afraid. The precedent was set by the Rangers case.

Quote:

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Originally Posted by Filled Rolls

MacKay says that their dignity is intact? Maybe to a guy who will do anything to be heard, like GM. But the last time I looked, going bankrupt, losing your stadium and name, not to mention cheating people out of money, isn't what I'd call dignity.

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Is Sergey not sailing her up the West coast?

Quote:

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Originally Posted by dangermouse

Is Sergey not sailing her up the West coast?

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It's no coincidence that Sergey was sailing yesterday and Vlad was caught the same day. He may be able to steer a submarine round the Baltic but he can't dodge Sergey's sonar in the Channel.

Now Vlad has been released according to Jamie Borthwick on twitter. 5 minutes after the evening news publish it on their website lol.

Quote:

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Originally Posted by Mikey

It's no coincidence that Sergey was sailing yesterday and Vlad was caught the same day. He may be able to steer a submarine round the Baltic but he can't dodge Sergey's sonar in the Channel.

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:faf: :faf:

Quote:

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Originally Posted by CB_NO3

Now Vlad has been released according to Jamie Borthwick on twitter. 5 minutes after the evening news publish it on their website lol.

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Brown envelopes changing hands again?

Quote:

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Originally Posted by Hermit Crab

Brown envelopes changing hands again?

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Or Lord Foukesass has spoken up for him and given him a character reference and checked his business background. :greengrin

Quote:

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Originally Posted by Sergey

I asked my contact to translate the article and the third paragraph reads:

Irena Janulionienė states: "there were dissenters among the creditors and the decision might be challenged in court...."

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The jungle drums are ringing loud and clear from where I am. Kupendeza :wink:

Quote:

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Originally Posted by greenginger

Or Lord Foukesass has spoken up for him and given him a character reference and checked his business background. :greengrin

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'I've had dealings with him. He's done everything he'd said he'd do. What makes you think he'd skip bail?'

Jackson speaks http://www.edinburghnews.scotsman.co...deal-1-3368801

wheres baj for an update/opinion - not seen him comment in a few days?

Quote:

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Originally Posted by greenpaper55

Jackson speaks http://www.edinburghnews.scotsman.co...deal-1-3368801

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Not once in that article is there a statement from Jackson???

'Jackson speaks'??!!

Quote:

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Originally Posted by greenginger

Where to BDO expect the cash to come from ?

The Tynecastle Kitty is empty, I don't think Budge will put money in until the ink is 100% dry on everything, that only leaves the Lith admin.to hand over some of cash gathered in Lithuania.

Not very likely.

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Bear in mind the subject-matter - realistically, they've been skint for the last 30+ years but have still managed to continue on a level way way above their historical standard. They'll find money somewhere because when it comes to the 'Brown-envelope' payment system, they're the 'Go to' guys !!

Quote:

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Originally Posted by Dashing Bob S

If he is being charged and a date set for a trial, they will have a complete case against him. If any of the evidence (ie: the assets, meaning the shares) were tampered with, his lawyers will be all over it. Also, they will appeal at every juncture. This case could run for months and months.

It could also bring worse news for Hearts. The money they were using to underwrite their crazy spending will inevitably be shown to be dirty. This would put the football authorities in this country in a terrible position. If they won points, prizes and prize money through cash earned through drugs/ human trafficking/ financial corruption, where does that leave sporting integrity? There is also the position of officers of the club during Vlad's tenure. They too, might be liable to prosecution.

On a completely different matter, I'm convinced that the local national and national politicians who were keen to assist and facilitate Vlad's ownership of Hearts are above reproach and took no remuneration for their consultancy roles. They will be as glad as anybody to see him in the dock, testifying to his full involvement with Hearts.

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After the 'Liquidation-threat', THAT comes next in their collective pant-fillers !!. It's highly unlikely Vlad chose 'The Muppets' as the ONLY one of his businesses to run honestly. The question is though, how will the SFA deal with it - as justice sees fit or 'The rangers way' ??

Quote:

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Originally Posted by greenpaper55

Jackson speaks http://www.edinburghnews.scotsman.co...deal-1-3368801

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That just wind and pish from our friend Barry

Quote:

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Originally Posted by greenpaper55

Jackson speaks http://www.edinburghnews.scotsman.co...deal-1-3368801

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If BDO pay me £100k I promise I'll say nice things about the Jambos and even email the SPFL, SFA and the Lithuanian administrators on their behalf. It's only a token payment, after all.

Quote:

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Originally Posted by greenpaper55

Jackson speaks http://www.edinburghnews.scotsman.co...deal-1-3368801

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I believe he does, but apparently not in that article.


Read the second comment, somebody has really ripped Banderson :wink:

Doubt anyone will put a penny into them whilst the threat of liquidation looms large. This is cash that would be lost. As not a penny has gone in to help the situation it all points to a newco being formed.

Quote:

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Originally Posted by keekaboo

I believe he does, but apparently not in that article.


Read the second comment, somebody has really ripped Banderson :wink:

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Yes, although the quote is attributed to I am an MP, is it not?

Quote:

---

Originally Posted by Hot Shot Hamish

Statement from Ian (I'm an MP) Murray

Apologies for not posting this earlier but there has been difficulties getting on to Kickback this afternoon. Just shows you how important a service it provides. We are obviously disappointed that both creditors meetings for UKIO and UBIG did not take place. However, the positive news about the UBIG creditors meeting agreeing the transfer of their 50% shareholding in Hearts is a significant step forward. This should not be underestimated. We understand that lengthy discussions have taken place between Hearts Administrators, BDO, and the lawyers administrating Ukio Bankas. The outcome of these discussions were positive and it is hoped that a Ukio creditors meeting will take place before the end of next week (Easter). It has transpired that there was not to be a formal Ukio creditors meeting today so nothing has been delayed or postponed. The date will be set shortly. We are working on the information as we receive it.

We have taken a huge step towards delivering the Creditors Voluntary Agreement (CVA) today and, to use a football analogy, we would have taken this result before the game. However, we do appreciate how frustrating this is for the supporters and for everyone connected to the Club. We would have wanted a final conclusion. One major hurdle has been cleared with one to go.

We will continue to work closely with BDO and BIDCO to get this deal over the line as quickly as possible and thank all the supporters for their continued patience at this time.

Tonight Hearts is much closer to being out of administration than it was yesterday. It is a considerable achievement to have got this far. We thank BDO and the teams at UKIO Bankas and UBIG for their sterling efforts and look forward to a positive outcome as soon as possible. I, and FoH, will provide as much information as we can in the coming days.

---

As close a I am to being the Pope.

Quote:

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Originally Posted by CB_NO3

Jamie Borthwick from STV saying Vlad has been arrested in Moscow. That could be even more delays for Hearts if there is a criminal investigation about to start?

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Perfect timing.

Quote:

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Originally Posted by desantos0773

Bryan says nothing has changed on the frozen shares. UKIO creditors expected to meet on 18^th April. Even if they accept a further 20 day cooling off period takes you to 8^th May then apply to the court to unfreeze shares. I asked him the time frame for the latter and he says how long is a piece of string!

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No chance it will be 18h April 214.

Quote:

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Originally Posted by CropleyWasGod

More shoddy reporting, I'm afraid.

The shares are being transferred to FOH, not BIDCO. The CVA arrangement is with them.

If they can't get stuff like that right, how can we believe anything else they tell us?

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Precisely.

Quote:

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Originally Posted by brog

I think this is blackmail - advance us the money & we'll complete our fixtures, don't do it & we'll leave the League looking stupid. Of course they ( Yams ) really have no clout, if they don't complete their fixtures they have to pay SPFL back £830k, more football debt for the new owners!

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New Owner singular maybe/maybe not.

All this talk of money laundering, misappropriation and embezzlement reminds me of a certain car wash...

http://i57.tinypic.com/2nbaf01.jpg

http://www.yelp.co.uk/biz/gorgie-launderette-edinburgh

Gorgie Launderette still in business . :greengrin

A couple of weeks ago the UKIO shares were "in the bag" (with some provisions) and the UBIG shares were the problem.

Now the UBIG shares are "in the bag" (with some provisions) and the UKIO shares are the problem.

They are getting the runaround, Mike Reid stylee.

They only have left in exitence imho, no way are the shares going to released to them and if they are the timescales, cancelled meetings, court sanctions (and back to the start again) will see them run of gas (i.e. money).

Then all that's left over the next couple of years is for Vlad's trial to reveal their sticky fingered habits and they will be stripped of his whole legacy, leaving only those memories of employing sex-offenders, ripping off charities, stealing tax payers money etc etc.

Weird wee club.

Quote:

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Originally Posted by Hermit Crab

That just wind and pish from our friend Barry

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That article is the most resigned to Hearts are bust as I've ever seen. If the Lithuanians are seriously saying could we get a better deal of course the answer is yes.

Put the land up for sale and they'll get £10 million plus.

The game's up the pole.

Deleted.... Wrong thread and I'm too tired (too much travelling) sorry :-/

Quote:

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Originally Posted by joe breezy

That article is the most resigned to Hearts are bust as I've ever seen. If the Lithuanians are seriously saying could we get a better deal of course the answer is yes.

Put the land up for sale and they'll get £10 million plus.

The game's up the pole.

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I'm not sure I think they will get through this.

Quote:

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Originally Posted by Dashing Bob S

If he is being charged and a date set for a trial, they will have a complete case against him. If any of the evidence (ie: the assets, meaning the shares) were tampered with, his lawyers will be all over it. Also, they will appeal at every juncture. This case could run for months and months.

---

Don't know anything about Russian and Lithuanian criminal law, but I would imagine there could be the small matter of a formal extradition procedure to go through before Vlad sets physical foot on Lithuanian soil again.

Also, from what I've read, the Russian judiciary is in the pay and under the control of the local Mafia and crime lords (not independent in other words) and so could be Vlad is never extradited at all. :wink:

All complete conjecture on my part. No sources in Russia, Lithuania or anywhere else.

Quote:

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Originally Posted by Golden Fleece

You mean the SPFL, not the Liths

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Sorry about that, I wrote that in a hurry this morning as a I was running out the door.:greengrin

Quote:

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Originally Posted by Mikey

I've been saying for some time that they'll see out the season, even if it takes an advance of their "prize money". Mid May is when they'll liquidate if things haven't improved.

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Although surely another sign that the "self-sufficient ones" are still not living within their means!