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UBIG's shares in HMFC were frozen along with UBIG's other assets at a time when Romanov still controlled UBIG. This was done to protect UBIG's creditors from Vlad getting up to asset disposal jiggery pokery. The question is whether UBIG's creditors having agreed the deal is effectively the microwave they need. The generally positive Jackson/Budgie noises would suggest it is.Quote:
Originally Posted by Juice-Terry
Desantos thought we wouldn't notice if he changed his username and started talking about himself.Quote:
Originally Posted by HUTCHYHIBBY
I'm still here but there isn't much to add beyond what I said a few days ago. The short version is the only people who can mess this up for Hearts now are Hearts themselves.
Looking to understand why ukio/ubig would be handled differently from snoras (Portsmouth fc owners) whose shares remain frozen to this day.
Is there a difference?
There appears to be but we don't know what.Quote:
Originally Posted by Springbank
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Originally Posted by Springbank
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Originally Posted by Ozyhibby
There may well be a difference, but do Portsmouth need these shares any more?............
It may be as simple as nobody wanted to buy them once BDO decided not to wait and push ahead with a business and assets sale to newco.Quote:
Originally Posted by Springbank
Quote:
Originally Posted by LeithenHibby
:top marksQuote:
Originally Posted by JeMeSouviens
Why would they remain frozen by the courts in snoras' case but not in ubig's?
Both form part of criminal investigations that are, on the surface, fairly similar...dodgy international financial transactions involving laughably compliant rubber-sphynctered football clubs in the uk
See above. Nobody is trying to get the Portsmouth shares unfrozen any more. They could be unfrozen for all we know but there's no interest in them because they are useless now.Quote:
Originally Posted by Springbank
Still a wee bit confused tho. Didnt BDO try unsuccessfuly to get them for Portsmouth before going a different route.Quote:
Originally Posted by Bajillions
Looking at the details ,they did not try to hard to get the shares.Quote:
Originally Posted by Bajillions
Portsmouth 2010 F C. had CVA approved by creditors on 12/6/2012.
Moved to voluntary liquidation on 28/8/2012.
No need to fight for the shares the way the English system works, but I dare say the admins. had to go through the process to earn their fat wedge.
That's it exactly. The English system meant getting the shares wasn't as vital as it was for Hearts.Quote:
Originally Posted by greenginger
Is this the sister that holds 15% of hertz shares?Quote:
Originally Posted by greenginger
I think it's her daughter's company which could be offered a token amount along the lines of UBIG simply to remove the last link to Romanov. Those shares will have little value as the holding is minor compared to the 79% that Budge will own and so have effectively no power.Quote:
Originally Posted by Glesgahibby
General question.Quote:
Originally Posted by Eyrie
Why is it not as important to get sisters shares?
I don't think she would accept a token amount unless she is really short of cash.Quote:
Originally Posted by Eyrie
If the new Yam model gets up and running and the fannies keep pouring their cash into the Company, then a 15 % holding might be worth quite a bit to some ambitious Yam wanting to be seen as the largest minority shareholder .
The holding would not get him any power at the PBS but it might earn him a parking space for his Rover on match days and his maroon cardigan will recognised in Gorgie. :greengrin
Quote:
Originally Posted by greenginger
So for Hearts then the shares are vital? The courts really do have to sanction their release so they don't end up being liquidated in the bottom tier? I wonder why they didn't try too hard in Portsmouths case? Probably because they didn't need to as they wouldn't have to apply to the league to re join. I really do hope Hearts have a hard time trying to release them. Its the least they deserve.Quote:
Originally Posted by Bajillions
They'll be fine.
Who'll be alright?Quote:
Originally Posted by Glory Lurker
The Yams. I don't think there's anything left to see here.Quote:
Originally Posted by MrSmith
Great, given that most of the speculation on here turns out to be waffle this is a turn for the better.Quote:
Originally Posted by Glory Lurker
Sorry to disagree,but was everything not meant to be finalised on Monday or Tuesday or at least byQuote:
Originally Posted by Glory Lurker
Friday?
So far as I can see nothing has happened to save that ****ty little club other than BJ sending E-mails to Lithland begging lawyers to get a move on.
In the next few weeks we'll get the resolution to this but there is a lot more to see and enjoy in my opinion.
I'm sorry to say I disagree, it's all over. They've flukely managed to squirm their way out of this huge mess with a smug smile on their ugly collective faces.Quote:
Originally Posted by Arthur Spooner
I think it's over, but they will stumble over the finish line, and be applauded for their stoic fight. The sympathy they garner will be sufficient to justify Edinburgh Council building them a stadium (next to the tram line).Quote:
Originally Posted by Arthur Spooner
After all they've been through a lot, and were dignified throughout it, a credit to the capital. (A city that is home to RBS one of the biggest corporate crooks of all time). This place stinks when you think about it.
Agreed, you have EDC helping them when they paid no council tax and a first minister also helping when they paid no income tax. WE all pay more as they paid zilch. If EDC are gona revamp the PBS or attemt to build them a new stadium then a council tax strike looms.Quote:
Originally Posted by Filled Rolls
I think the Council will stoically purchase that building Vlad used to own at the East End for them as well, just to bravely sweeten any deal. The MSM and most of the Scottish will sturdily ignore/shrug their shoulders as the deal goes through for circa 10Mil in a dignified manner.
Then all that will be left is for the money laundering charges against Leslie Deans to be stoically dropped and and that's all the i's dotted and t's crossed.
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Originally Posted by southsider
As I said before, it's all in keeping with this city"s proud traditions of financial impropriety. Tears of pride welling up from the Cayman Islands to Wormwood Scrubs.Quote:
Originally Posted by Kato
Lot wrist-slitters around this morning!
:aok:
It was a close run thing and even jackson was worried right up to the end.
:agree: This sums things up pretty well. Some things never change.Quote:
Originally Posted by Filled Rolls
They'll be whatever they are going to be and, me personally, I think there is loads left in this debacle to see us through to the new season. When it's signed, sealed and delivered, or all said and done then, there will be no more to see here ...Quote:
Originally Posted by Glory Lurker
With 79% Budge (or Save Hearts In Trouble, if they ever scrape together enough DDs to buy her out) control the club and the 15% held by Quantum Holdings can't do anything about it. The Yams can effectively ignore them if they want, as long as QH is notified of meetings and not treated any differently to the other shareholders. So QH would be able to partake in any rights issue or receive a dividend (not that there ever will be dividends).Quote:
Originally Posted by Jack
Quantum Holdings will be like a bleeding pile on that arse of a club. It won't make any decisions but it's still going to be very irritating. :greengrinQuote:
Originally Posted by Eyrie
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Originally Posted by GreenLake
Ouch!
There's also the fact that, if they manage to get what they want and eventually have a well run club, Vlad will still be there lurking in the shadows.
Unless it's a corpse.:agree:Quote:
Originally Posted by GreenLake
But with no absolutely no control or influence whatsoever.Quote:
Originally Posted by keekaboo
Is it the case that if and when the FOH lot buy the Budge shareholding they will be the majority shareholders, Hearts FC will not technically be fan owned.
It all seems to have gone very quiet on this front. :agree:
Keep the faith the big L has not gone away yet.Quote:
Originally Posted by H18sry
On the Quantum Holdings thing, whoever buys the UBIG/Ukio shares will have to offer the same terms to other shareholders. That means that if they pay £70k for UBIG's 50% shareholding they'll have to offer £21k for Quantum's shares.
Quote:
Originally Posted by Caversham Green
If I were offered that amount, I would actually just hang on to the shares. It would be worth it for the gamble that they would potentially be worth a lot more in a few years time.
I think the point is that FOH is made up of fans who pay the DDs, so it would be fan(ny) owned. Whether they do actually pay sufficient money to run the club (or pay budge back) is a different question. I think what you might be meaning is whether FOH own it before they pay budge back over the next few years, and then you'd be right to say they don't.Quote:
Originally Posted by GRANTON_HIBS
You keep saying that, and I like it.Quote:
Originally Posted by Weststandwanab
Which is a shame, as putting the mutants in charge of a football club would guarantee disaster. Most of them still write with crayons.Quote:
Originally Posted by GRANTON_HIBS
I am less hopeful of Big L but more hopeful we will see hearts stumble into next season in admin -15 again.
It's easy to loosen up when there's no pressure.
They'll be back to dross when the pressure returns :)
Technically it will never go away.Quote:
Originally Posted by Weststandwanab
Indeed they do but QH does not have to accept it - I would not.Quote:
Originally Posted by Caversham Green
I agree - assuming they exit the C.V.A.Quote:
Originally Posted by keekaboo
It is because I believe it at present.Quote:
Originally Posted by stoneyburn hibs
Indeed unless, for some reason, they become so rich Liquidation wold never be an issue.Quote:
Originally Posted by Bajillions
Is it not the case that the CVA is £ 2.5 million for the Ukio Bankas security and their 29% share holding and Ukio Bankas are going to compensate UBIG to transfer their shares holding.Quote:
Originally Posted by Caversham Green
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Originally Posted by greenginger
It wasn't reported that way. The last thing I read was that FoH were directly paying the UBIG Admins 70k for the shares.
Last home game of the season on Wednesday.
Cant see many walk ups,but partick should take a decent following.
After that,where's the cash going to come from.
On a straight pro rata basis yes, but surely a discount should be applied given that the 15% is a minority interest? The 50% holding effectively provides control as the remaining shares are split (ie 29% UKIO, 15% QH, 6% other) and would need to agree unanimously to cancel out the 50% bought from UBIG.Quote:
Originally Posted by Caversham Green
Given the sums involved though, it's probably easier to just offer £21k for a quick resolution rather than £10k.
Quote:
Originally Posted by keekaboo
The CVA document approved last November states,
Clause 5.3 ( page 4 ) " FoH (or its nominee ) will acquire the shareholdings of Ukio Bankas and UBIG ( circa 80% )of the club or failing an equivalent majority shareholding, in exchange for £ 1 Sterling. "
Can the conditions be varied at a later date ? Would'nt matter anyway , Jackson would just ignore the rules.
I thought this was all meant to be done and dusted weeks ago, why the silence in the Yam loving media?
A hearts fan I know who claimed they'd be out of admin most months until now has told me the have funding and will exit administration soon. Not that he'd tell me what funding.
Does anyone have access to the link that quotes Bryan Jackson as saying mid June?
Sent from my iPhone using Tapatalk
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Originally Posted by Dare to Stanton
It's just a pity for them that the CVA process doesn't run by wishful thinking and that it all just takes time.
Dunfermline took months from a CVA being agreed to finally being able to exit Administration, and their situation was a lot simpler (it all took place in Scotland, for one)
You mean like some megarich bank owning industrialist takes them over?Quote:
Originally Posted by Weststandwanab
The rule is that the offer must be made on the same terms so it would have to be the £21k if they're doing it the way I outlined. I don't know if that's the case or if greenginger's version is more accurate though.Quote:
Originally Posted by Eyrie
As far as keeping the shares goes, they won't be paying any dividends and they'll be a minority holding where the majority is held by a single entity - therefore no realistic voting power. I'd take the money and run.
If it is there own cash, yes !Quote:
Originally Posted by Geo_1875
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Originally Posted by Caversham Green
I don't see why.
21k for a 15% shareholding means an evaluation of only 140k for the whole club. If Hearts actually get through the CVA, the club/company must be worth much more than that, considering they will additionally own the stadium and the land it sits on outright.
All they'd need to do is hold out for a while and make a killing selling the shares for their actual value.
But the memorandum of misunderstanding seems to have been around for ages assume that's what they are all trying to firm up on now Unless there are other issues that come out of this I don't think we will hear a lot until there is an announcement that's it done and we will have another fanfare ,media frenzy and more backslapping all round ,or it will be negotiations are going on longer than anticipated with one or two hurdles still to overcome but we are still confident it will be done before the start of next season and we don't anticipate having to go into the Championship starting with minus 15 points I think the big L is now a long shot unless the Liths are game playing .Quote:
Originally Posted by keekaboo
13.5K crowd, as usual! :tee hee:Quote:
Originally Posted by Www1875hfc
I am with you - I would hold the shares and hope they rise in value.Quote:
Originally Posted by keekaboo
My first wife and I have had a memorandum of understanding for the last 20 years now - it is called a divorce settlement.Quote:
Originally Posted by Ronniekirk
The shares are only worth what someone would pay for them and there's no investment value in them. No dividend yield and there's still the risk of liquidation or the club going bust again. The capital value is only worth something if it's likely to be realised at some time and that's unlikely to happen. Of course you might get some daftie that was prepared to give you more money for them - they did part with more than a million for shares (which they still haven't got) in an openly insolvent company, but surely they wouldn't get stitched up like that again.Quote:
Originally Posted by keekaboo
Would they?
:wink: You should have gone for a Pre Nuptial :agree:Quote:
Originally Posted by Weststandwanab
I'd imagine if they waited long enough, there will be individual Hearts supporters that would like to hold shares in their club. We have people on hibs.net regularly asking how they go about buying shares in Hibs, they would be no different. I think it's more of an emotional attachment; even for the 'ego value', as in a small businessman happy for people to know he owns 5% (or whatever) of Hearts.Quote:
Originally Posted by Caversham Green
I realise that it wouldn't be considered a great investment for a real businessman/woman but I'd be willing to bet on gaining more than 21k for selling them off in small purchases.
It's all gone quiet over there I think that getting out of administration is going to be a bumpy, lengthy and expensive process.
How ? They do not pay anyone as it is. Did we get paid for the recent derby tickets ?Quote:
Originally Posted by Famous Fiver
Did she file for divorce because you used to quote back to her everything she ever said to you?Quote:
Originally Posted by Weststandwanab
They are now,and were then, not legal in this country.Quote:
Originally Posted by Ronniekirk
I would take 15 per cent at the going rate and throw them away for ten years in my safe and then smile.Quote:
Originally Posted by keekaboo
Now it is funny you should say that..... it deserves a post on its own.Quote:
Originally Posted by HUTCHYHIBBY
:tee hee:Quote:
Originally Posted by HUTCHYHIBBY
As you are doubly keen to know.....Quote:
Originally Posted by Www1875hfc
It was 1994 a hot July afternoon and the world cup was on.
We were having a BBQ and friends over.
The drink was flowing.
Brazil were playing U.S.A..
Halfway through the second half I went from the garden in the house to see the score and my first wife followed me proclaiming "you do not pay me enough attention".
Without thinking too much I replied "yes but can I see the football score first" !
The rest they say was history.
Bebeto scored that day! Sounds like you didn't! :-)
We both did he a goal and me my freedom.Quote:
Originally Posted by HUTCHYHIBBY
Every Independence Day I lift a wee dram to that match.
FOH update 6 May
Foundation of Hearts @The_FOH 4m UPDATE: Sale & Purchase Agreement (SPA) not yet done. Given it's already 2nd week of May selling out Tynecastle on Wed would really help.
Still on!
Yup.....and the yak are doing what they do best, beg, plead, steal, deceive and deny.Quote:
Originally Posted by Haymaker
Any ideas what their attendance on Sunday actually was. Not the 13,500 or whatever crap they publish and our media dutifully print without question ?Quote:
Originally Posted by grunt
It was not as high as that but it was a not bad crowd. Maybe 12,000.Quote:
Originally Posted by greenginger
Looks like the begging bowl is out.Quote:
Originally Posted by grunt
What makes me suspicious is that a Sale and Purchase Agreement is between BDO and Budgie/F.O.H.
So a willing buyer cannot agree with a willing seller – I wonder why that is ?
Could it be the non delivery of the shares ?
Keep the faith the big L is still possibility and as days go by more of probability
They are probably waiting till after wednesdays match to announce they've done it. Just to bring in maximum takings. It's what they do.
Where was that figure published or is it a guess ?Quote:
Originally Posted by Ozyhibby
It's a guess, I was at the game.Quote:
Originally Posted by eddiethedog
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Originally Posted by Weststandwanab
The CVA agreement named the purchaser as FoH or their Nominee, so there is nothing to stop Budge Co. stepping in immediately.
The delays must be at the Lith. end unless Budge and the Fannies can't agree on legal costs, current shortfall , or who gets the proceeds from the next cake-bake.
I thought total transparency was the number one in the Mission Statement of FoH.
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Originally Posted by ozyhibby
ltyf
It was 11,634 I'm told.Quote:
Originally Posted by Ozyhibby
:-)Quote:
Originally Posted by keekaboo
So they are still lieing about their crowds. I just don't get it unless they have a phallus inadequacy.Quote:
Originally Posted by Bajillions
Tin hat on..........
TICK TOCK
I agree and did not mean to suggest it would be any sort of problem.Quote:
Originally Posted by greenginger
What I meant was if there is a willing seller (BDO) and a willing buyer (Nominee) and ten days alter the deal is not done then the problem must lie elsewhere and in this case I would suggest that the non delivery of the shares from Lithland could well be the problem.
Why Tin Hat on ?Quote:
Originally Posted by Famous Fiver
It's not so much that they are lying, they are reporting the gate rather than the attendance. Hearts report the maximum number of tickets issued. Celtic do it also. Every other club counts the people that actually turn up.Quote:
Originally Posted by eddiethedog
Jambo lurkers scurrying back to weareskint.net to report our thoughts, many hibbies who have thrown in the towel, keyboard warriors ec. etc. I'm still sitting here enjoying the journey. Many episodes left, this saga has a long way to run.
Its certainly dragging on their is defo an issue whether its the sharesQuote:
Originally Posted by Famous Fiver
or not I dont know but their is talk of this dragging on into start
of the new season ........source a friend of Murray ...
Shares - or lack of them !Quote:
Originally Posted by Greenworld
Keep the faith the big L is still a possibility
I'd rather be in our position than theirs.Quote:
Originally Posted by Famous Fiver
We're both going down and they'll be back before us. So, no i wouldn't.Quote:
Originally Posted by Eyrie
So you'd rather be confirmed as relegated rather than not currently be relegated? Weird.Quote:
Originally Posted by Steve20
Any chance of tonight's lottery numbers please?Quote:
Originally Posted by Steve20
I wish i could believe you !!Quote:
Originally Posted by Weststandwanab
:faf:Quote:
Originally Posted by Steve20
you have arrived . Multiple folk quoting you .
You are strange though :agree:
Not if they are Liquidated.Quote:
Originally Posted by Steve20
Yes that is a strange one.Quote:
Originally Posted by Twa Cairpets
I wish I could believe me too.Quote:
Originally Posted by weonlywon6-2
My gut tells me there is a problem with delivering the famous shares and delay after delay confirms my gut instinct.
I have no doubt if they exit the C.V.A. I will get dog’s abuse from some quarters on this board but I have a thick skin.
I have said before my preference would be that they are not liquidated but suffer some severe financial constraints for a while and Budgie can easily deliver that.
But for her/F.O.H./Ian – I was an M.P. - Murray/ any nominee they need the shares to be delivered.
To deliver the shares the Micro Wave needs plugged in.
BJ said they would run out of cash in May and they are desperate to get to the end of the season – Sunday so they can get the £100k they are due to last a few days longer.
I will stick my neck out and say if there is no Micro wave plugged in by Monday BJ may well just throw in the towel.
In the mealtime come on The Jambos and St. Midden.