http://www.heraldscotland.com/mobile...ators.21648576
Printable View
To be fair, when we were talking about which country's law took precedence, we weren't (or, at least, I wasn't) talking about insolvency law. We were actually talking about the law surrounding the potential sale of Tynecastle, and whether Lithuanian law could prevent BDO from selling it.Quote:
Originally Posted by desantos0773
That, for me, is a much more important point than the one you are making.
http://www.heraldscotland.com/mobile...ators.21648576
The article says the bidders were sent an E-mail asking parties to provide proof of funds within 7 days.
Is there any indication anywhere when the message was sent ? I am off on holiday next week and would hate to miss hearing the Last Post being trumpeted out at the Gorgie Field.
An obvious typo in the article as well, which Hibs.net could no doubt help them out with. :greengrinQuote:
Originally Posted by greenginger
The three groups who have made bids for Heart of Midlothian plc have been asked to ------ by the company's administrators.
So, Ian Hislop's team.... what are the missing words?
Bake more cakes?
F off and die?
Get yourself a serious offer before you bother us again?
*Quote:
Originally Posted by CropleyWasGod
Sent yesterday according to the daily ******Quote:
Originally Posted by greenginger
If BDO sell Tynie it will be part of bankruptcy/insolvency proceedings under instruction from the major creditors (ukio and UBIG) or more properly their admins. There is nothing that Lithuanian law can do to stop that from happening as it will be covered by EU regulations on cross border insolvency.Quote:
Originally Posted by CropleyWasGod
If any problems are going to come from Lithuanian legals, will it not be that UBIG's shareholding in the Yams can't be sold? I can't see how anybody can stop a sale of Tiny if the secured creditor agrees.Quote:
Originally Posted by desantos0773
Anyway, question for the experts: everybody seems to be talking about only 2 options.
- sale of HMFC including Tiny wrapped up with CVA or
- liquidation
Isn't it possible for BDO to sell Tiny and HMFC separately without liquidating? Proceeds of sale of Tiny go to secured creditor who agrees to release security, then Foundation of Muppets buys what's left at 0.5p/£ CVA and either rents ground from new owner or finds somewhere else to play. Wouldn't that be the best way to secure value for the creditors and continue the business as a going concern?
Quote:
Originally Posted by #FromTheCapital
Drat ! I'll be sunning myself on a beach by the time the trigger is pulled.
Still I'll have my little lap-top to keep in touch with Hibs.net.
Put more cherry in their bakewells?Quote:
Originally Posted by CropleyWasGod
Pedantic point, but it wouldn't be under their instructions. It would be as a consequence of BDO's own statutory purposes, the last of which is "realising property to make a distribution to one or or more secured or preferential creditors.".Quote:
Originally Posted by desantos0773
In other words, it would be BDO making that decision, no-one else.
In reality, of course, we would get to that point by failing to obtain a CVA or the agreement of the secured creditor(s). Indirectly, it would be their actions that brought us to the sale. But not their instructions.
Eat 5h1t and die. :dunno:Quote:
Originally Posted by JeMeSouviens
Wait for Sidney's letter?Quote:
Originally Posted by CropleyWasGod
We have a winner :top marksQuote:
Originally Posted by Dunderhall
I had to read it twice before I realised what was missing is actually at the top of the page.Quote:
Originally Posted by CropleyWasGod
Show us your money demand Hearts administrators
The three groups who have made bids for Heart of Midlothian plc have been asked to by the company's administrators.
Can I just remind people of this.
http://www.youtube.com/watch?v=Y9znA_dwjHw
and
http://allpoetry.com/poem/851714-Tic...iting_-by-pozo
It's a fair point and, if the media is to be believed, BDO have been marketing the assets at the same time as the business. They may be thinking along the same lines.Quote:
Originally Posted by JeMeSouviens
However, what exactly would FOH be buying? Only the name and SPFL share, IMO. Not worth a helluva lot. They would then have the problem of funding the ongoing rent, which they don't have under their current plan.
withdraw their bids and let the team die?Quote:
Originally Posted by CropleyWasGod
I realise I'm no expert in these matters but surely it's normal practice for the Administrators to ask to see proof of funds before deciding on a Prefered Bidder
:dunno:
If this was my line of work, it would certainly be one of the first things I would want to see.
You're becoming an expert, though, as we all are :greengrinQuote:
Originally Posted by keekaboo
It is indeed normal practice. Thinking it through, it would be wrong of BDO to appoint a preferred bidder with out any such checks, present a CVA to the creditors, get it voted through..... only to find out that the bidder had no cash.
Now... contrast that with the procedures carried out by David Murray a couple of years ago.....
"You got the cash, Craigy?"
"Aye. Straight up."
"Yer in. Give us yer pound."
"oh and Craigy, ye are gonna pay that tax bill eh?"Quote:
Originally Posted by CropleyWasGod
"withoot question Davie, already writing the cheque"
Quote:
Originally Posted by CropleyWasGod
Do we actually have any evidence that Whyte ever PAID that pound? Surely failure to pay would unravel all subsequent agreements. I demand an SFA enquiry :wink:
It's all getting rather exciting now. It seems that nobody can do much about stopping the train crashing into the buffers. Next week might be where big decisions are made. The admins, potential bidders, board and football authorities will have to determine just what is exactly going into the new season and how long can it last?
Did the bidders for the Rangers assets have to provide proof of funding this quickly? Does this indicate that one of the bids is acceptable? If someone offered me a pound for my house I would not bother to ask for proof that he has the pound before telling him to GTF.
This admin seems to be proceeding a fair speed. If, as BDO say, they have enough funding till Xmas then where is the time pressure coming from? The SPFL?
My guess would Ukio's liquidator and, in turn, the Lithuanian central bank which is ultimately picking up the tab for the Yams' years of excess.Quote:
Originally Posted by Ozyhibby
I think this might be a move to weed out Massone, the only bidder who claims to have the pot to do the proverbial in. It will probably also get rid of Shoeless Bob, leaving just the Foundation of Muppetry.
Quote:
Originally Posted by JeMeSouviens
But what proof can the Muppets provide ? I know they are supposed to have the backing of a few wealthier than average Yams but unless they have handed over the cash to the Foundation Treasurer ( was Borthwick his name ? ) are BDO going to accept a stack of promises written on the back of an envelope.
Normally a promisery note from a bank or the like would suffice as proof of funding, but promises from bunch of Gorgie merricks will not impress the Admins.
Agree ultimately the Lith government is pulling all the strings of Ukio/UBIG having had to borrow £200 million to make the depositors of Ukio whole. They want to find out if Massone's crew have real money that they can put on the table now. If not then I think it's straight to liquidation where they can pick up £4 to £5 million minimum from a property developer. Lith government's aim is to minimise final bill to economy and tax payer for saving Ukio's depositors. As I have calculated before on this thread Romanov's HMFC adventure has cost Lithuania in region of £65 million. £2 mill from FOH or happy Bob is not going to cut it with them.Quote:
Originally Posted by JeMeSouviens
BDO: Hi Ian, what proof can you provide of the funds you claim to have behind your bid?Quote:
Originally Posted by desantos0773
IM(MP): This is no longer a bid, it's a movement...
BDO: Right you are, about the proof of funds though...
IM(MP): ... the largest movement in Scottish football history.
Yam chorus: Big Teams do Big Movements. We won the war. 5-1 (not the Dinamo result you choob), 1902.
BDO: *sigh*
:top marks :not worth :faf: :faf: :faf: :faf:Quote:
Originally Posted by jacomoseven
Quote:
Originally Posted by jacomoseven
BDO speed dial for the for Tynie for sale signs and the sheriffs to padlock the gates of the dump.
There is a degree of that. I've been told it was explained to BDO that the authorities had no desire to have this drawn out any longer than in needs to. Unfortunately the SPFL are limited in what they can do at this very moment.Quote:
Originally Posted by Ozyhibby