Share Transfers Agreed/Cooling off period

[JeMeSouviens]

Meanwhile, "Scoop" Anderson is on the ball as always ...

Barry Anderson ‏@BarryAnderson_8 59m

Verdict on whether Ukio Bankas will be liquidated not likely to be made public till next week at the earliest. #Hearts owe Ukio £15m. #HMFC

#allisbarry

[Pete]

They aren't the big team. They are the UBIG team.

[cam75]

All is Barry I SAY ALL IS BARRY :-)

[Mikey]

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If admin happens in the next few days, depending on this weeks results it's entirely possible we'll relegate them next week.

Dundee have 2 home before we go to the PBS and will be safe by then. We'd be going there for a party

[kdhibees1]

All gone very quiet over on KeekCack

[HUTCHYHIBBY]

"But, but, but 5-1 blah, blah, blah!"
"If only we knew we could've done something about it"
Twats!

[SteveHFC]

[Mon Dieu4]

if they have not got a football team to discuss i suggest that the polis shutdown Kickback as it will just be used for grooming, fraud and racism

[cam75]

http://m.youtube.com/watch?v=w7RIgs3eygo
Posted over there quality :-)

[ScottB]

YAMOCALYPSE!!!!!

And it was good.

[Green Blood]

http://www.bloomberg.com/news/2013-0...tor-named.html

[HibbyAndy]

So is this really the end then ?.

They better no squirm there way out this time!!!

[Mikey]

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All gone very quiet over on KeekCack

It aint quiet here. Guests have been booted to stop the place falling over

[CropleyWasGod]

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So is this really the end then ?.

They better no squirm there way out this time!!!

Not yet. The foreplay is increasing in intensity, but the climax has yet to be attained.

Roll with it.

[Saorsa]

[Hermit Crab]

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It aint quiet here. Guests have been booted to stop the place falling over

I away to login.

[Mikey]

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http://www.bloomberg.com/news/2013-0...tor-named.html

A Lithuanian court began bankruptcy proceedings against Ukio Bankas AB at the request of the central bank, which shut the Kaunas-based lender in February because of risky loans to related parties.

Kaunas District Court today also issued a decree naming the firm Valnetas UAB as Ukio’s bankruptcy administrator, the court said on its website. The decisions may be appealed within 10 days, according to the statement.

Ukio was Lithuania’s fourth-largest bank by deposits when it was closed. The lender’s liabilities exceeded its assets by 1.2 billion litai ($463 million) as of March 18, the Bank of Lithuania in Vilnius, Lithuania’s capital, said last month, citing financial statements prepared by Ukio’s temporary administrator, Adomas Audickas, and auditor KPMG Baltic.

The permanent bankruptcy administrator will determine how and when to seek recovery of Ukio’s assets, which include claims on a majority stake in Scottish premier-league soccer club Heart of Midlothian as well as the team’s stadium in Edinburgh, Audickas said in a phone interview on April 30.

Valnetas, which like Ukio is based in the central Lithuanian city of Kaunas, specializes in corporate bankruptcy and restructuring, according to its website.

To contact the reporter on this story: Bryan Bradley in Vilnius at [email protected]

To contact the editor responsible for this story: Balazs Penz at [email protected]

[CropleyWasGod]

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A Lithuanian court began bankruptcy proceedings against Ukio Bankas AB at the request of the central bank, which shut the Kaunas-based lender in February because of risky loans to related parties.

Kaunas District Court today also issued a decree naming the firm Valnetas UAB as Ukio’s bankruptcy administrator, the court said on its website. The decisions may be appealed within 10 days, according to the statement.

Ukio was Lithuania’s fourth-largest bank by deposits when it was closed. The lender’s liabilities exceeded its assets by 1.2 billion litai ($463 million) as of March 18, the Bank of Lithuania in Vilnius, Lithuania’s capital, said last month, citing financial statements prepared by Ukio’s temporary administrator, Adomas Audickas, and auditor KPMG Baltic.

The permanent bankruptcy administrator will determine how and when to seek recovery of Ukio’s assets, which include claims on a majority stake in Scottish premier-league soccer club Heart of Midlothian as well as the team’s stadium in Edinburgh, Audickas said in a phone interview on April 30.

Valnetas, which like Ukio is based in the central Lithuanian city of Kaunas, specializes in corporate bankruptcy and restructuring, according to its website.

To contact the reporter on this story: Bryan Bradley in Vilnius at [email protected]

To contact the editor responsible for this story: Balazs Penz at [email protected]

A majority stake? That's a new one, no?

If that's the case, which I have doubts about, then the "owner in insolvency" provision kicks in.

[Part/Time Supporter]

the good bits (ie not Hearts or UBIG) have been transferred to the other bank.

http://news.cision.com/siauliu-banka...as-sig,e372744

[Thecat23]

Most over there still think this is a good thing. They will get a buyer and they will still be at Tynnie. Surely these folk can't be serious?

[Andy74]

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Most over there still think this is a good thing. They will get a buyer and they will still be at Tynnie. Surely these folk can't be serious?

Who'd have thought you could get Ibrox, Murray Park and the football club for £4million?

[SteveHFC]

[MacBean]

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A majority stake? That's a new one, no?

If that's the case, which I have doubts about, then the "owner in insolvency" provision kicks in.

It's a claim on the majority stake, not the majority stake itself. This would suggest that UBIG have put Hearts up as security for borrowing from Ukio.

[JeMeSouviens]

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Most over there still think this is a good thing. They will get a buyer and they will still be at Tynnie. Surely these folk can't be serious?

Apparently, it would be total and utter madness to sell off Tiny as it's only valued at around £5M. Far better to keep the now-highly-profitable club together with its ground in the hope of striking a less than £2M deal on the never-never backed with fantasy pledges.

Obviously.

[CropleyWasGod]

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Who'd have thought you could get Ibrox, Murray Park and the football club for £4million?

There was no major security in that case.

[#FromTheCapital]

[Glesgahibby]

1st target for the administrator must be UBIG
how long? I would assume not long due to
the fact they have had time to plan a strategy

[CropleyWasGod]

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It's a claim on the majority stake, not the majority stake itself. This would suggest that UBIG have put Hearts up as security for borrowing from Ukio.

Okay. But that means, if they go after UBIG and take ownership of the shares, they are the owner and, being insolvent, the points penalty kicks in.

That said, if they go down that route, it will probably be next season.

[Hank Schrader]

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[JeMeSouviens]

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Who'd have thought you could get Ibrox, Murray Park and the football club for £4million?

Can you imagine trying to sell a development of new flats at Ibrox?