Share Transfers Agreed/Cooling off period

[Jim44]

A couple of days ago the ostriches were happy that the club wanted to appoint KPMG as it represented a gesture against their Lithuanian associates. They've changed their tune and are now delighted that the Lithuanian's choice of BDO is in charge.

[portyhibernian]

anyone else heard there's already a bid from a UK consortium? Could well be pish but I've just had a text about it.

*EDIT* Sky Sports News 'sources' saying this

[SurferRosa]

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reading the Scotsman article by #allisbarry

There are a couple of things that don’t make sense to me. My limited knowledge of insolvency events, which is growing with each football season makes me think:

1. any bid should be made to Hearts, or the administrators, not a Creditor of Hearts (Ukio Bankas do not own Hearts, it is UBIG)
2. There is only the need for a CVA once they are in administration
3. only the administrator is in a position to propose a CVA

There appears to be very little about it that makes any sense. Why for instance, would wealthy businessmen ( hearts fans or not ) make a serious bid without any due diligence? People dont get to be wealthy by being this stupid.

As has been suggested, the only sense that could be made of it is that a group are chancing their arm by submitting a complete pisstake of a bid and hoping that the Liths bite...

[Dalkeith]

so at very least its a -15 start for them

[Treadstone]

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Happy to be wrong about it being Friday.

I believe "Pleasing" is the correct term to use.

Probably the keek spouted by Bathgate got into your consciousness.

http://www.scotsman.com/edinburgh-ev...fate-1-2970172

[rcarter1]

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There appears to be very little about it that makes any sense. Why for instance, would wealthy businessmen ( hearts fans or not ) make a serious bid without any due diligence? People dont get to be wealthy by being this stupid.

As has been suggested, the only sense that could be made of it is that a group are chancing their arm by submitting a complete pisstake of a bid and hoping that the Liths bite...

Vlad begs to differ perhaps...

[JimBHibees]

A wee reminder of where all this might end up.

From BBC site.

It has been 1,859 days since then Premier League side Portsmouth lifted the FA Cup with a 1-0 win over Cardiff.

They will begin their League Two campaign at home to Oxford United.

[ac1]

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There appears to be very little about it that makes any sense. Why would wealthy businessmen ( hearts fans or not ) make a serious bid without any due diligence? People dont get to be wealthy by being this stupid.

As has been suggested, the only sense that could be made of it is that a group are chancing their arm by submitting a complete pisstake of a bid and hoping that that the Liths bite...

Also if Hearts knew UKIO had been talking for weeks to this consortium then why did they want KPMG to do the adminstration and not BDO if a CVA has all but been agreed with UKIO? Does not make sense to me

[Gus Fring]

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Probably the keek spouted by Bathgate got into your consciousness.

http://www.scotsman.com/edinburgh-ev...fate-1-2970172

Oh the shame

[ionahibby]

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anyone else heard there's already a bid from a UK consortium? Could well be pish but I've just had a text about it.

*EDIT* Sky Sports News 'sources' saying this

Yam friend i spoke to seems to think that the bid consists of edinburgh based business folk who are lying low on the radar and according to this "friend" seems to think they have been speaking folk in lith who have agreed that as long a percentage of what is owed is paid they will hand over club virtually debt free? Rubbish or is there truth in this?

[HFC 0-7]

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The law tends to rely on what is registered at Companies House (for example a director is only a director from the time his appointment is registered) and the securities according to Cos Hos in ranking order are:

Fixed security in favour of Ukio for the amount of £6.8m plus interest and charges over Tynecastle

Floating security in favour of Ukio over the assets

Floating security in favour of UBIG over the assets

As you say, that would mean that neither Ukio nor UBIG would have a vote for a CVA.

What is the difference between floating and fixed? Does admin effect either one of them?

[heretoday]

At the end of the day only a fanatic would undertake to purchase the Hearts. It just doesn't make financial sense otherwise.

Chucking money away.

Mind you there is a fanbase to take advantage of. Plenty cash in those maroon pockets but surely not enough to justify spending millions in this uncertain climate.

[IndieHibby]

They are well and truly rooked.

[YehButNoBut]

Ewan Murray ‏@mrewanmurray Sergejus Fedotovas sent email to all Hearts staff today, thanking them for getting club through season and wishing well under 'new regime'


Would have been nicer if he had paid them.

[Dashing Bob S]

Now be prepared for rumours of EVERYBODY being desperate to buy Hearts. We've already had; Skando consortium, the fans, JK Rowling, British consortium, American consortium, son of Wallet, son of Vlad...the estate of Jimmy Savile...

[CropleyWasGod]

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What is the difference between floating and fixed? Does admin effect either one of them?

Fixed is a charge on a specific asset...in this case, Tynecastle.

Floating is a charge on all assets....in this case, Tynecastle, the SPFL share, the name, the fax machine.

[CyberSauzee]

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At the end of the day only a fanatic would undertake to purchase the Hearts. It just doesn't make financial sense otherwise.

Chucking money away.

Mind you there is a fanbase to take advantage of. Plenty cash in those maroon pockets but surely not enough to justify spending millions in this uncertain climate.

Spot on - until the strips turn up mind

[Mac]

Think the key thing missing here is that IF the Lithuanian Administrator offered the best option then why were Hearts/David Southern so desperate to have KPMG appointed???

[Onion]

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Probably the keek spouted by Bathgate got into your consciousness.

http://www.scotsman.com/edinburgh-ev...fate-1-2970172

Jees, are these 5000 really going to start paying money into a slush fund just a few months after being duped into buying "shares" they will never see and are worthless ?? The likes of John Roberston and Gary MacKay should be ashamed of the part they played in encouraging Hearts fans to buy shares when it was evident the club was heading into Admin. If they were regulated financial advisers, they would be in jail by now.

[greengnome]

Be afraid Hibby's, the talk is about players coming in now.... 'Cos it is all hunky dory now!!

Well according to the deluded one's it is?



Hopefully those predicting a short straightforward admin and CVA are right. In and out with time to make a couple of quick signings before the end of the window in August.

[Ozyhibby]

One good thing about this new 'bid' is that it should slow down the conversion of pledges into cash at FoH. As a support they much prefer the thought of another sugar daddy.

[Baader]

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Be afraid Hibby's, the talk is about players coming in now.... 'Cos it is all hunky dory now!!

Well according to the deluded one's it is?



Hopefully those predicting a short straightforward admin and CVA are right. In and out with time to make a couple of quick signings before the end of the window in August.

They are deluded beyond belief. That hasn't changed. Signing players, emerging debt free... What planet do these imbeciles live on?

[Heisenberg]

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Be afraid Hibby's, the talk is about players coming in now.... 'Cos it is all hunky dory now!!

Well according to the deluded one's it is?



Hopefully those predicting a short straightforward admin and CVA are right. In and out with time to make a couple of quick signings before the end of the window in August.

Surely they won't be able to do that anyway due to the transfer ban?

[Caversham Green]

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What is the difference between floating and fixed? Does admin effect either one of them?

A fixed charge is placed on a specific asset (or class of assets) - in this case the PBS - and means that the debtor can't sell that asset without the consent of the creditor. A floating charge is on a class of assets - such as players - (or all the assets that aren't covered by a fixed charge) and allows the creditor to trade in the assets, so HoMFC could continue to buy and sell individual players even though the asset class was covered by a floating charge.

A floating charge crystallises (becomes fixed) in the event of administration.

[Hank Schrader]

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Hopefully those predicting a short straightforward admin and CVA are right. In and out with time to make a couple of quick signings before the end of the window in August.

Which ever Jambo mammary typed that clearly isn't in charge of the family brain cell today.

[Treadstone]

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Ewan Murray ‏@mrewanmurray Sergejus Fedotovas sent email to all Hearts staff today, thanking them for getting club through season and wishing well under 'new regime'


Would have been nicer if he had paid them.

Wonder if thats the staff that Ewan thinks includes Bobby Robson, Claudio Ranieri, Kevin Keegan, Ossie Ardiles, Wim van Hanegem and Ottmar Hitzfeld.

http://www.guardian.co.uk/football/2005/oct/28/newsstory.hearts

[truehibernian]

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Yam friend i spoke to seems to think that the bid consists of edinburgh based business folk who are lying low on the radar and according to this "friend" seems to think they have been speaking folk in lith who have agreed that as long a percentage of what is owed is paid they will hand over club virtually debt free? Rubbish or is there truth in this?

Absolute rubbish IMO - Edinburgh is a village when it comes to anything allegedly 'lying low' - it's too small a city.

Certainly the staff I know at Hearts are distraught having heard nowt, and one of my mates is good friends with someone actually behind FoH - they ain't heard anything either. The latter mixes in these very same Edinburgh business circles.

It's very reminiscent of transfer windows - lots and lots of players meant to be signing however very very few materialise and usually one's that we knew nothing about (unless scoopy, big mo or brooster post ) - same happened with Rangers, lots of so called bidders from all corners of the globe but it came down to the wire there too. Expect the same Far East/Singapore/American consortium stories for the next month or so. Then the 'Save the Gorgie Fry' campaign in the EEN

Just surprised that Brian Kennedy hasn't popped up with a bid, only to scurry off under his cloak like a bad panto villian buying nowt.

[Andy74]

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Be afraid Hibby's, the talk is about players coming in now.... 'Cos it is all hunky dory now!!

Well according to the deluded one's it is?



Hopefully those predicting a short straightforward admin and CVA are right. In and out with time to make a couple of quick signings before the end of the window in August.

Are they forgeting the hearing due for not paying wages?

[s.a.m]

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?? The likes of John Roberston and Gary MacKay should be ashamed of the part they played in encouraging Hearts fans to buy shares when it was evident the club was heading into Admin. If they were regulated financial advisers, they would be in jail by now.

They're a compliant bunch, aren't they?





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[YehButNoBut]

From Sky

A UK-based consortium has lodged a takeover bid for Hearts

A UK-based consortium has lodged a takeover bid for stricken Scottish Premier League club Hearts.

The proposal is from a group of six wealthy businessmen and includes a draft Creditors' Voluntary Arrangement to help the Tynecastle club out of administration.

Administrators Valentas UAB of Ukio Bankas in Lithuania have indicated they would accept the CVA.

The consortium behind the bid wish to remain anonymous at this stage, but are fronted by Edinburgh businessmen Stephen Paterson and Fraser Kerr of Haines Watts accountants.

Paterson said: "We are acting for clients who don't wish to be named at this moment but they are Hearts-minded.

"The bid is for everything, it's not about splitting the ground from the team or anything. We want the club, the players, the ground, everything.

"The Lithuanian administrator has indicated he will vote for our CVA, albeit with a 15-point penalty for Hearts for entering administration.

"It is up to the administrator at Hearts to go through that process. Our bid is predicated on a CVA happening."

http://www1.skysports.com/football/n...bid-for-Hearts