Share Transfers Agreed/Cooling off period

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

Would UBIG as present owners not need to be involved in HoMFC entering Admin? Can the club directors do that on their own?

It's a directors' decision, normally, rather than owners.

Unless, of course, an external party does it.

[littleplum]

This quote is hidden because you are ignoring this member. Show Quote

This is a report from end February. The temporary administrator has carried out a thorough analysis of the assets and liabilities. They know exactly what they can and can’t recover. Loans to Hearts and UBIG (Romanov) have been classified as “bad” and part of the gap in £300 million gap in assets and liabilities. The Lithuanian state has filled the hole by issuing debt to the bank taking over the good assets and with the proceeds given a loan to the State insurance company who made good the £300 million hole. They will now attempt to recover as much of value of these assets as possible by selling them. I think they have already had discussions with Hearts who know what is coming – hence their talks with the council and having Tynecastle valued and administration to buy time.

So is it that today's events are a forgone conclusion or that the outcome is irrelevant?

[Off the bar]

is this it? is today the day? It seams like all the stars have alligned and somewhere in Lith there is a man with his finger on the trigger, I have high hopes that today will be a bad bad day for our pink chums

[hibs0666]

This quote is hidden because you are ignoring this member. Show Quote

Would UBIG as present owners not need to be involved in HoMFC entering Admin? Can the club directors do that on their own?

I think that it is only the club directors, or a UK court, that can hit the insolvency button.

[grunt]

This quote is hidden because you are ignoring this member. Show Quote

It's a directors' decision, normally, rather than owners.

Thought UBIG didn't have any Directors...?

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

Thought UBIG didn't have any Directors...?

Hearts directors.

[DaveF]

I think I'll just assume everything is still fine as I don't understand any of the above.

If it works for the yams, then it works for me

[Part/Time Supporter]

This quote is hidden because you are ignoring this member. Show Quote

I think that it is only the club directors, or a UK court, that can hit the insolvency button.

Yup, the Lithuanian court can't order HMFC into administration, but they can start a chain of events which would lead to that.

ie if the Lithuanian court declares Ukio bankrupt, that gives the Lithuanian Govt authority to demand their money back. HMFC (or some other third party, such as FOH) has to make an offer to them in repayment.

If they can't make a satisfactory offer, then HMFC has to apply for administration to protect itself from the Lithuanian demand. Administration would also give them more time for a third party offer to come forward.

[grunt]

This quote is hidden because you are ignoring this member. Show Quote

Hearts directors.

Oh yeah, duh!

[EdinMike]

Are they dead yet !? Are they dead yet !? Are they dead yet !? Are they dead yet !?!!

This is killing me ! I want to know If I should go out and celebrate..

[clerriehibs]

This quote is hidden because you are ignoring this member. Show Quote

I'm still a little bit shocked that a member of parliament has come out and backed a football club to be able to walk away from it's debts, does this mean he is saying it's ok for businesses to tade in such a manner. I wonder if this is labour policy now


Maybe we should ask his party.

No; not labour policy. Just a yam phandango member of parliament rehashing the "we owe it to ourselves" gibberish. He'll nevet make it to the treasury select committee. Actually, he probably wll ... :-(


And he thinks the last thing the lith govt want to do is bring down hearts? The last thing the lith govt is thinking of is a ****my wee cheating backwater club.

[Beefster]

This quote is hidden because you are ignoring this member. Show Quote

Which would presumably prompt Hearts to go into administration immediately..............................

That can't be right. An Hearts-supporting politician said all would be fine. Where have we heard that before......?



Sickbag should be like this today:



Instead, as usual with the collective brain cell asleep, its....

[Sanger]

This quote is hidden because you are ignoring this member. Show Quote

Yup, the Lithuanian court can't order HMFC into administration, but they can start a chain of events which would lead to that.

ie if the Lithuanian court declares Ukio bankrupt, that gives the Lithuanian Govt authority to demand their money back. HMFC (or some other third party, such as FOH) has to make an offer to them in repayment.

If they can't make a satisfactory offer, then HMFC has to apply for administration to protect itself from the Lithuanian demand. Administration would also give them more time for a third party offer to come forward.

Under European bankruptcy law if UB and then UBIG made bankrupt then the the Lithuanian authorties can make HMFC baknrupt to if its assets belong to UB/UBIG.

Hearing is this afternoon.

[Mikey]

At which point Hearts will jump before they're pushed.

[PatHead]

In all the excitement I am getting myself confused. If UBIG are put into administration/liquidation by the Lith court today do Hearts suffer the points penalty as it is their owners?

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

Under European bankruptcy law if UB and then UBIG made bankrupt then the the Lithuanian authorties can make HMFC baknrupt to if its assets belong to UB/UBIG.

Hearing is this afternoon.

Hearts assets don't belong to either, though. They belong to Hearts.

The majority of Hearts' shares, though, belong to UBIG.

Does that make a difference?

[#FromTheCapital]

This quote is hidden because you are ignoring this member. Show Quote

In all the excitement I am getting myself confused. If UBIG are put into administration/liquidation by the Lith court today do Hearts suffer the points penalty as it is their owners?

If UBIG are put into admin then hearts will get a points deduction. But as far as I know that won't be happening today as this hearing regards Ukio Bankas, not UBIG

[Part/Time Supporter]

This quote is hidden because you are ignoring this member. Show Quote

Under European bankruptcy law if UB and then UBIG made bankrupt then the the Lithuanian authorties can make HMFC baknrupt to if its assets belong to UB/UBIG.

I thought the hearing today only related to the administration of Ukio and possibly declaring it bankrupt.

Hearing is this afternoon.

HMFC better get their skates on then, as it's already gone half 12 in Kaunas.

[Gus Fring]

[Glesgahibby]

My take on this is.
1.ukio enter proper administration/liquidated today.
2.debt recovery commences.
3.ubig cannot pay and will go into administration.
all the talk from the experts in the press seem to suggest hearts are way down the pecking order.
they fail to explain that ubig must be top of the list and as we have been told for years
ubig and hearts are one and the same.
when ubig go so do hearts

[MacBean]

This quote is hidden because you are ignoring this member. Show Quote

My take on this is.
1.ukio enter proper administration/liquidated today.
2.debt recovery commences.
3.ubig cannot pay and will go into administration.
all the talk from the experts in the press seem to suggest hearts are way down the pecking order.
they fail to explain that ubig must be top of the list and as we have been told for years
ubig and hearts are one and the same.
when ubig go so do hearts

Pretty much sums it up, but a wee side note to UBIG going into admin, would mean Hearts would be deducted 18 points

[Joy Zipper]

BBCBMcLauchlin ‏@BBCBMcLauchlin 3m A decision from a Kaunas court on Ukio Bankas being declared bankrupt may not be made public today. #bbcsportscot

[Jones28]

So is my take on this correct?

Hearts are classified as bad assets so will be offloaded from ubig ASAP, whether that's to another buyer or they're stripped down and broken up. They want as much money from them as possible and nobody is going to buy hearts for £15million, so administration and total jambogeddon is the most likely outcome.

They are then deducted 18 points and relegated from the spl - preferably after we trounce them at tynecastle.

Is this the long and short of what might happen today?

This quote is hidden because you are ignoring this member. Show Quote

BBCBMcLauchlin ‏@BBCBMcLauchlin 3m A decision from a Kaunas court on Ukio Bankas being declared bankrupt may not be made public today. #bbcsportscot

Why the **** not?! This is killing me

[green glory]

This quote is hidden because you are ignoring this member. Show Quote

So is my take on this correct?

Hearts are classified as bad assets so will be offloaded from ubig ASAP, whether that's to another buyer or they're stripped down and broken up. They want as much money from them as possible and nobody is going to buy hearts for £15million, so administration and total jambogeddon is the most likely outcome.

They are then deducted 18 points and relegated from the spl - preferably after we trounce them at tynecastle.

Is this the long and short of what might happen today?

I think 'bad smell' is the phrase your looking for.

Flushing is the best solution I find.

[Geo_1875]

This quote is hidden because you are ignoring this member. Show Quote

Why the **** not?! This is killing me

Apparently there is a delay due to a well known Russian/Lithuanian "businessman" sitting in the courtroom with his underpants on his head and a pencil up each nostril saying "Wibble, wibble".

[21.05.2016]

This quote is hidden because you are ignoring this member. Show Quote

BBCBMcLauchlin ‏@BBCBMcLauchlin 3m A decision from a Kaunas court on Ukio Bankas being declared bankrupt may not be made public today. #bbcsportscot

if not today then when?

[EdinMike]

This quote is hidden because you are ignoring this member. Show Quote

BBCBMcLauchlin ‏@BBCBMcLauchlin 3m A decision from a Kaunas court on Ukio Bankas being declared bankrupt may not be made public today. #bbcsportscot

Baaah ! Tell us !! Leith is gonna run dry in the next few days..

[Part/Time Supporter]

This quote is hidden because you are ignoring this member. Show Quote

BBCBMcLauchlin ‏@BBCBMcLauchlin 3m A decision from a Kaunas court on Ukio Bankas being declared bankrupt may not be made public today. #bbcsportscot

That will be to give the affected businesses (including Hearts) time to figure out what they are going to do before it becomes public knowledge.

Hearts said earlier in the week in response to the Sun story that they would know before anyone else if they would have to go into administration.

[Hibee87]

This quote is hidden because you are ignoring this member. Show Quote

That will be to give the affected businesses (including Hearts) time to figure out what they are going to do before it becomes public knowledge.

Hearts said earlier in the week in response to the Sun story that they would know before anyone else if they would have to go into administration.

And presumably this is where hearts would appoint their own adminstrator?

[SvenNeil]

This quote is hidden because you are ignoring this member. Show Quote

So is my take on this correct?

Hearts are classified as bad assets so will be offloaded from ubig ASAP, whether that's to another buyer or they're stripped down and broken up. They want as much money from them as possible and nobody is going to buy hearts for £15million, so administration and total jambogeddon is the most likely outcome.

They are then deducted 18 points and relegated from the spl - preferably after we trounce them at tynecastle.

Is this the long and short of what might happen today?

Aye. Now away and take yer dug for a walk