Share Transfers Agreed/Cooling off period

[monktonharp]

note to admins; far too much sympathy posts for the plight of some fans from another club which has nowt to do wi' us.please sensor as reqd, and get the show back on the road!

[Kato]

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... and that he would probably recoup a fortune from the shares...

trumpet, standard jambo trumpet

[SaulGoodman]

When's the money due?

[lapsedhibee]

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Must admit I don't think he will have a leg to stand on. So far Hearts have always played the game to the limit. It would surely be cheaper to issue a few bits of paper rather than give money back. If they do it for him I am sure a lot of Jambos who have smelt the coffee would follow suit.

Yes, they would shirley do it in spades.

[grunt]

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they can't afford to do either though

There was a post on kb saying that some of the begging letters asking people to renew season tickets had been sent without stamps.

[Col2]

What I love the most about all the yam deluded stories is that they ALL start with bad news but they end up being the perfect outcome.

It's almost a template script they use like "yes things are bad at the moment and money is really really tight BUT the club are very close to a takeover that will clear the debt, not just some of it but ALL of it, just like that (Paul Daniels magic) AND we will stay at Tynecastle AND we will have enough cash flow to cover this season (as season tickets spent) AND we will be in for Boyd, Goodwillie, Davidson, Rudi etc etc."

None of this involves any insolvency event. It's almost as if the Lithuanian authorities are just more than happy to right off £45m of debt/forgiveness for about a £2m (less than 5%). All will happen nice and comfortably and be just in time for next season and enough time before transfer window shuts. It's so simple.

[clerriehibs]

It's still mostly "Mr" Romanov over there. Just what the heck is that all about?!? Was 'Call me Mister' one of his dictats?

[Treadstone]

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What I love the most about all the yam deluded stories is that they ALL start with bad news but they end up being the perfect outcome.

I am not sure they have any concept of what £25m actually is. They are expecting the Janny (nae offence Poolman) from Chewin' the Fat to put some sawdust on it "gie it 10 minutes it'll be as right as rain".

[Spike Mandela]

In fairness, to the layman football fan, ALL football administrations end up with massive forgiveness or write off of debt. Even Rangers' liquidation and subsequent restart in the third division was successful in shedding of around £50m in debt. Pretty good day at the office that

[hibeesdude]

so woke up early and decided to play with photoshop....no idea where this thought came from though

subtynie.jpg

[Hermit Crab]

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so woke up early and decided to play with photoshop....no idea where this thought came from though

subtynie.jpg

The hunt for the red October.

[Col2]

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In fairness, to the layman football fan, ALL football administrations end up with massive forgiveness or write off of debt. Even Rangers' liquidation and subsequent restart in the third division was successful in shedding of around £50m in debt. Pretty good day at the office that

Yes but most of them think they can avoid an insolvency event but still get the same outcome.

[hibbypostie]

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There was a post on kb saying that some of the begging letters asking people to renew season tickets had been sent without stamps.

to be fair it happens a lot with bulk postings wouldn't put it past them to have a lot more than normal though

[Jack]

Having just had my first look over there for months I was struck by a parallel between us and them!

We get terribly excited at the thought of a never-ending list of disasters befalling them - NEXT WEEK.

They get terribly excited at the thought of a never-ending queue of investors and whatnot rescuing them - NEXT WEEK.

... and guess what?

SFA happens NEXT WEEK to kill the buggers off or take them off life support!

#allisbarry 5.1 1902 free beer tomorrow

[The Falcon]

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Yes but most of them think they can avoid an insolvency event but still get the same outcome.

As has been shown at The Rangers an insolvency event, even liquidation, is hardly the end of the world for a football club. Rangers would have been more inconvenienced by being forced to continue, or at least their debts carried on.

As has been said they have pumped the creditors for about £60m (a wedge to the taxpayers in there) but a year on they play in blue, play at Ibrox, bought £60m of property for £1.5m and (should) have around £20m in the bank. They are two divisions of the top flight but this may change with reconstruction.

They are not in the top flight and, technically at least, the old club died but other than that there appears to be little practical diffence except they are now unencumbered by unmanageble debt. They are also overspending by about £1m a month and couldnt give a flying ****, and why would they when they can achieve quite legally the outcome described.

[Sanger]

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As has been shown at The Rangers an insolvency event, even liquidation, is hardly the end of the world for a football club. Rangers would have been more inconvenienced by being forced to continue, or at least their debts carried on.

As has been said they have pumped the creditors for about £60m (a wedge to the taxpayers in there) but a year on they play in blue, play at Ibrox, bought £60m of property for £1.5m and (should) have around £20m in the bank. They are two divisions of the top flight but this may change with reconstruction.

They are not in the top flight and, technically at least, the old club died but other than that there appears to be little practical diffence except they are now unencumbered by unmanageble debt. They are also overspending by about £1m a month and couldnt give a flying ****, and why would they when they can achieve quite legally the outcome described.

Big difference is that Rangers had no secured creditors and have 50,000 season ticket holders.

[The Leith Dutch]

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As has been shown at The Rangers an insolvency event, even liquidation, is hardly the end of the world for a football club. Rangers would have been more inconvenienced by being forced to continue, or at least their debts carried on.

As has been said they have pumped the creditors for about £60m (a wedge to the taxpayers in there) but a year on they play in blue, play at Ibrox, bought £60m of property for £1.5m and (should) have around £20m in the bank. They are two divisions of the top flight but this may change with reconstruction.

They are not in the top flight and, technically at least, the old club died but other than that there appears to be little practical diffence except they are now unencumbered by unmanageble debt. They are also overspending by about £1m a month and couldnt give a flying ****, and why would they when they can achieve quite legally the outcome described.

I suppose the big difference is The Rangers look like they're just about capable of both getting back to the SPL and surviving as a business in doing so. There's still the possibility of another administration mind and the thought of it makes me smile.

I think if the yams got punted to D3 becoming wee Sevco then they'd struggle however.

Much smaller supporter base and probably a higher percentage that wouldn't turn out for D3 games.
Less income combined with not being so attractive for players as big Sevco (both wages wise and as a club) would make buying their way back a less realistic proposition.

Looking at the way the other clubs made it reasonably difficult for Sally's mob you'd have to say that even if the yams did get a debt free newco together then they might just wind up stuck in the lower leagues.

[The Falcon]

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Big difference is that Rangers had no secured creditors and have 50,000 season ticket holders.

We'll see.

But the point is that The Rangers are, to all practical intents and purposes, Rangers with £60m of debt dumped. They continue, more or less, as before with some technical legal differences which everybody generally ignores, and nobody cares, as they have little implication for the supporters of the club and minimal impact on their day to day activities.

As punishments go its like sending Hannibal Lecter to bed with no supper.

[Ozyhibby]

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As has been shown at The Rangers an insolvency event, even liquidation, is hardly the end of the world for a football club. Rangers would have been more inconvenienced by being forced to continue, or at least their debts carried on.

As has been said they have pumped the creditors for about £60m (a wedge to the taxpayers in there) but a year on they play in blue, play at Ibrox, bought £60m of property for £1.5m and (should) have around £20m in the bank. They are two divisions of the top flight but this may change with reconstruction.

They are not in the top flight and, technically at least, the old club died but other than that there appears to be little practical diffence except they are now unencumbered by unmanageble debt. They are also overspending by about £1m a month and couldnt give a flying ****, and why would they when they can achieve quite legally the outcome described.

The difference with Hearts will be the stadium. It's secured to another entity in another country. As far as I know, none of the other football Insolvency's involve a situation like that. If Hearts go into admin, a potential purchaser is going to need £6m to buy Tynecastle, enough cash to satisfy a CVA proposal to Ubig and about £6m in working capital to get through next season. And it will all have to happen in the next 7 weeks.

[Treadstone]

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The difference with Hearts will be the stadium. It's secured to another entity in another country. As far as I know, none of the other football Insolvency's involve a situation like that. If Hearts go into admin, a potential purchaser is going to need £6m to buy Tynecastle, enough cash to satisfy a CVA proposal to Ubig and about £6m in working capital to get through next season. And it will all have to happen in the next 7 weeks.

Brokeback will have some fairytale answer that will satisfy all of the above.

[The Falcon]

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The difference with Hearts will be the stadium. It's secured to another entity in another country. As far as I know, none of the other football Insolvency's involve a situation like that. If Hearts go into admin, a potential purchaser is going to need £6m to buy Tynecastle, enough cash to satisfy a CVA proposal to Ubig and about £6m in working capital to get through next season. And it will all have to happen in the next 7 weeks.

This appears to be a ray of hope for all well run clubs.

My understanding, if I am reading CG, CWG and PTS correctly, is that a CVA is a non starter as all assets are secured to UKIO and would have to realise north of £15m before any non secured crditors (HMRC, UBIG and the pie shop) got a penny? Is this correct?

Under that scenario there would appear to be little point entering discussions with anyone other than UKIO.

[Gus Fring]

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We'll see.

But the point is that The Rangers are, to all practical intents and purposes, Rangers with £60m of debt dumped. They continue, more or less, as before with some technical legal differences which everybody generally ignores, and nobody cares, as they have little implication for the supporters of the club and minimal impact on their day to day activities.

As punishments go its like sending Hannibal Lecter to bed with no supper.

As has been stated numerous times before, the Rangers situation is not a template for any other club, particuarly Hearts. What's happening at Hearts is orders of magnitude more complicated than anything that happened at Rangers. Things such as secured creditors, lithuanian administrators, lack of stadium, a considerably smaller support and an inability to recognise when they are beyond saving but keep going anyway.

Here's the major difference just now, that I (and others) keep repeating and that Hearts fans, the media and some posters here keep forgetting or deliberately overlooking. UBIG's assets are frozen! As it stands as of this moment nobody can buy Hearts. The majority shareholder of their parent company is "on the run" and wanted for asset embezzlement, which means those assets are unlikely to be defrosted any time soon.

[Col2]

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Big difference is that Rangers had no secured creditors and have 50,000 season ticket holders.

Beat me to it. Also The Rangers while likely to be back in SPL 3 years after liquidation, are more realistically going to need at least another 3-5 years (6-8 in total) to be able to compete with Celtic.

[Alan62]

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We'll see.

But the point is that The Rangers are, to all practical intents and purposes, Rangers with £60m of debt dumped. They continue, more or less, as before with some technical legal differences which everybody generally ignores, and nobody cares, as they have little implication for the supporters of the club and minimal impact on their day to day activities.

As punishments go its like sending Hannibal Lecter to bed with no supper.

An excellent simile, sir.

I spoke with a Jambo acquaintance yesterday. An intelligent, educated fellow. He said, 'It will be fine. We may have to have a year in the first division if the 15 points is applied but that's alright, we can cope with that. Long term, it will be fine."

I just stood there with my mouth open, unable to speak. Perhaps Hannibal's wee brother will get off with half an hour on the naughty step after all. Our greatest fear is that somehow all the cheats get to walk away unscathed while we get no reward for doing the right thing all these years.

[Sergey]

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Having just had my first look over there for months I was struck by a parallel between us and them!

We get terribly excited at the thought of a never-ending list of disasters befalling them - NEXT WEEK.

They get terribly excited at the thought of a never-ending queue of investors and whatnot rescuing them - NEXT WEEK.

... and guess what?

SFA happens NEXT WEEK to kill the buggers off or take them off life support!

#allisbarry 5.1 1902 free beer tomorrow

Have you tried switching it off then switching it on again? I'll be honest, I'm no expert on life-support machines either.

[The Falcon]

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As has been stated numerous times before, the Rangers situation is not a template for any other club, particuarly Hearts. What's happening at Hearts is orders of magnitude more complicated than anything that happened at Rangers. Things such as secured creditors, lithuanian administrators, lack of stadium, a considerably smaller support and an inability to recognise when they are beyond saving but keep going anyway.

Here's the major difference just now, that I (and others) keep repeating and that Hearts fans, the media and some posters here keep forgetting or deliberately overlooking. UBIG's assets are frozen! As it stands as of this moment nobody can buy Hearts. The majority shareholder of their parent company is "on the run" and wanted for asset embezzlement, which means those assets are unlikely to be defrosted any time soon.

I am aware of all that.

Nobody in their right mind would want to buy Hearts at the moment. UBIG are going to go and will soon be irrelevant and Hearts future will depend on dealing with UKIO's administrators.

[The Falcon]

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Our greatest fear is that somehow all the cheats get to walk away unscathed while we get no reward for doing the right thing all these years.

Change "unscathed" to "relatively unscathed" and thats it, in a nutshell.

[Winston Ingram]

Found this

https://mobile.twitter.com/JKBmeltdown/tweets

Seems relatively new but quite amusing

[Jack Hackett]

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Found this

https://mobile.twitter.com/JKBmeltdown/tweets

Seems relatively new but quite amusing

Some crackers on there

"This thread has just reinforced my view that if Romanov doesn't finish us, fan ownership will"

"If I was a Nigerian scammer, I'd be trying like a bear to get hold of hmfc's customer base....'hello my friend'

[Winston Ingram]

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Some crackers on there

"This thread has just reinforced my view that if Romanov doesn't finish us, fan ownership will"

"If I was a Nigerian scammer, I'd be trying like a bear to get hold of hmfc's customer base....'hello my friend'

'Since UBIG and Ukio only have a material interest in recouping "something" it is time for new, independent directors'