Share Transfers Agreed/Cooling off period

[Fat Penlon]

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The part I find most interesting in that email was the bit about UBIG's insolvency. If they were self sufficient, that shouldn't have mattered.

From: Sergejus Fedotovas
Sent: 19 June 2013 12:00
To: All Staff
Subject: Message from the Board [Scanned]


Dear colleagues,


Our club is on the verge of transformation that will hopefully bring a new fortunes to Tynecastle


The events in Lithuania and our income recently were not according to the most conservative plan and it made impossible to sustain the business with all means available to us. At our last meeting at the end of may we have been honestly positive regarding our future hoping that reasonably assessed season ticket sales willl carry us forward till the start of the season but it was not our expectation to see UBIG filing for insolvencey and this to have so negative impact on our revenues.


I need to thank all for your work and enormous efforts that helped us finish last season. I hope you all will get deserved recognition and will be treated well under the new regime


I would like to thank all of you for your work and dedication to this football club, all you have done will take its place in history


on behalf of the Board,
Sergejus Fedotovas



Shouldnt this be enough for the SPL to retrospectively deduct 18 points from last season and relegate them? He is openly admitting that the insolvency event of the parent company caused the club problems!!!! Oh but wait a minute the spl said there was no insolvency event!!!! corrupt the lot of them.

[Juice-Terry]

Isn't it time someone put (independent) pressure on the Jambo board about the share issue again? The obvious suspicion is that they knew, or at least had VERY good reason to believe, that they would soon be going into administration. Issuing shares on such a basis is a clear case of serious fraud. Hopefully BDO will be all over this (and all the other ***** they'll no doubt uncover).

[GordonHFC]

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Hi guys, once BDO (of if) uncover all the facts can they be instructed bu UKIO to sell the pbs as hertz have no income stream and who now owns their pot to piss in ?

No one as they never had one to begin with

[JeMeSouviens]

A complication that might affect a potential newco:

When the Huns went belly up, Sevco applied to the SPL to transfer over the Hun share. This was rejected by the SPL, so Sevco had to go and apply for a new membership in the SFL.

As of the new season, there will be no SFL. If NewYams apply to the SPFL for transfer of the Yam share and are rejected, will they still be able to apply to the SPFL to join at the bottom?

[southsider]

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Isn't it time someone put (independent) pressure on the Jambo board about the share issue again? The obvious suspicion is that they knew, or at least had VERY good reason to believe, that they would soon be going into administration. Issuing shares on such a basis is a clear case of serious fraud. Hopefully BDO will be all over this (and all the other ***** they'll no doubt uncover).

This could well be a minefield. Hope BDO have plenty staff......and they can charge from £200 -£380 per person per hour. Going to bill a rather big bill.

[Mathias Jack]

Happy *****ing Wednesday everyone!

My sides are splitting here!

Can't wait for the the first derby at Tynie next season...provided the Yams are still in existence of course!

:fenlon

[Spike Mandela]

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Isn't it time someone put (independent) pressure on the Jambo board about the share issue again? The obvious suspicion is that they knew, or at least had VERY good reason to believe, that they would soon be going into administration. Issuing shares on such a basis is a clear case of serious fraud. Hopefully BDO will be all over this (and all the other ***** they'll no doubt uncover).

Ubig, Ukio and Hearts dodgy dealings have been intertwined for years now so I find it highly unlikely that BDO will 'out' any wrongdoing of the companies they are working for. Yes I know that people will trot out the line they are working in the interest of the creditors but we know from Duff and Phelps performance this is a pile of horse**** and the reason all intersted parties are in a rush to appoint their own administrators.

[Oscar T Grouch]

Can someone with knowledge of SFA/SPL rule answer this one for me? I thought that if you are gonna buy a Scottish Fitba' club there should be due diligence done on the person/persons buying said club. If this is correct who is responsible for this due diligence?

Or am I just being daft (considering what went down in Govan recently)

[PatHead]

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Isn't it time someone put (independent) pressure on the Jambo board about the share issue again? The obvious suspicion is that they knew, or at least had VERY good reason to believe, that they would soon be going into administration. Issuing shares on such a basis is a clear case of serious fraud. Hopefully BDO will be all over this (and all the other ***** they'll no doubt uncover).

It was well covered in the prospectus that there was never any likelihood of there being a return so I doubt anyone could get any further with that. (By the way there is now no board and it would be the administrator or police you would contact.)

[Spike Mandela]

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A complication that might affect a potential newco:

When the Huns went belly up, Sevco applied to the SPL to transfer over the Hun share. This was rejected by the SPL, so Sevco had to go and apply for a new membership in the SFL.

As of the new season, there will be no SFL. If NewYams apply to the SPFL for transfer of the Yam share and are rejected, will they still be able to apply to the SPFL to join at the bottom?

There is no complication. The SPL and no doubt SPFL leave everything suitably vague such that Hearts in any form will have no trouble whatsoever gaining readmission I would imagine.

[Treadstone]

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A complication that might affect a potential newco:

When the Huns went belly up, Sevco applied to the SPL to transfer over the Hun share. This was rejected by the SPL, so Sevco had to go and apply for a new membership in the SFL.

As of the new season, there will be no SFL. If NewYams apply to the SPFL for transfer of the Yam share and are rejected, will they still be able to apply to the SPFL to join at the bottom?

Very interesting.

Surely they would approve of them starting at the bottom but how far down would that be now ? Isn't there now a pyramid system in place now that brings the non-leaguers into play.

[Gus Fring]

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Shouldnt this be enough for the SPL to retrospectively deduct 18 points from last season and relegate them? He is openly admitting that the insolvency event of the parent company caused the club problems!!!! Oh but wait a minute the spl said there was no insolvency event!!!! corrupt the lot of them.

There hasn't been an insolvency event. There wasn't one then and there still hasn't been one when it comes to UBIG. You can't punish a club for a vague sentence in an email to staff on his way out the door!

The current SPL Board comprises:

Ralph Topping (SPL Chairman)
Neil Doncaster (SPL Chief Executive)
Stewart Robertson (Motherwell)
Eric Riley (Celtic)
Stewart Gilmour (St Mirren)
Rod Petrie (Hibernian)

As I've mentioned before, I have a very good source who tells me these 6 men looked high and low for a reason to punish Hearts and get them out of the league before the season ended but both sets of legal advice was that they didn't have a case to do so. They are watching what is happening very carefully. They can't do anything until they actually give a concrete reason though.

They can't kick Hearts out the league because they "think" they might not complete their fixtures. It must be watertight.

[greengnome]

A question on the keekback board.... Thoughts?


That email was sent after BDO were confirmed as administrators; and after today's bid was announced.

This looks like a pre-pack, doesn't it?

[Spike Mandela]

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There hasn't been an insolvency event. There wasn't one then and there still hasn't been one when it comes to UBIG. You can't punish a club for a vague sentence in an email to staff on his way out the door!

The current SPL Board comprises:

Ralph Topping (SPL Chairman)
Neil Doncaster (SPL Chief Executive)
Stewart Robertson (Motherwell)
Eric Riley (Celtic)
Stewart Gilmour (St Mirren)
Rod Petrie (Hibernian)

As I've mentioned before, I have a very good source who tells me these 6 men looked high and low for a reason to punish Hearts and get them out of the league before the season ended but both sets of legal advice was that they didn't have a case to do so. They are watching what is happening very carefully. They can't do anything until they actually give a concrete reason though.

They can't kick Hearts out the league because they "think" they might not complete their fixtures. It must be watertight.

No Rod Petrie according to their website..........

Board members are elected annually by representatives of the 12 SPL clubs and meet monthly to discuss strategic issues. The Board's main responsibility is for corporate governance, strategic development, the delivery of the SPL objectives and the application of the SPL Rules.

The current SPL Board is made up of Ralph Topping (SPL Chairman), Neil Doncaster (SPL Chief Executive),*Eric Riley (Celtic FC), Stephen Thompson (Dundee United FC), Duncan Fraser (Aberdeen FC) and Michael Johnston (Kilmarnock FC).

[PatHead]

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There hasn't been an insolvency event. There wasn't one then and there still hasn't been one when it comes to UBIG. You can't punish a club for a vague sentence in an email to staff on his way out the door!

The current SPL Board comprises:

Ralph Topping (SPL Chairman)
Neil Doncaster (SPL Chief Executive)
Stewart Robertson (Motherwell)
Eric Riley (Celtic)
Stewart Gilmour (St Mirren)
Rod Petrie (Hibernian)

As I've mentioned before, I have a very good source who tells me these 6 men looked high and low for a reason to punish Hearts and get them out of the league before the season ended but both sets of legal advice was that they didn't have a case to do so. They are watching what is happening very carefully. They can't do anything until they actually give a concrete reason though.

They can't kick Hearts out the league because they "think" they might not complete their fixtures. It must be watertight.

Rod isn't on the SPL board so your source got that wrong. Current board is Ralph Topping (SPL Chairman), Neil Doncaster (SPL Chief Executive), Eric Riley (Celtic FC), Stephen Thompson (Dundee United FC), Duncan Fraser (Aberdeen FC) and Michael Johnston (Kilmarnock FC).

[Gus Fring]

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No Rod Petrie according to their website..........

Board members are elected annually by representatives of the 12 SPL clubs and meet monthly to discuss strategic issues. The Board's main responsibility is for corporate governance, strategic development, the delivery of the SPL objectives and the application of the SPL Rules.

The current SPL Board is made up of Ralph Topping (SPL Chairman), Neil Doncaster (SPL Chief Executive),*Eric Riley (Celtic FC), Stephen Thompson (Dundee United FC), Duncan Fraser (Aberdeen FC) and Michael Johnston (Kilmarnock FC).

My bad, copied it from another page. http://www.scotprem.com/content/default.asp?page=s82

The rest still stands.

[Treadstone]

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Ubig, Ukio and Hearts dodgy dealings have been intertwined for years now so I find it highly unlikely that BDO will 'out' any wrongdoing of the companies they are working for. Yes I know that people will trot out the line they are working in the interest of the creditors but we know from Duff and Phelps performance this is a pile of horse**** and the reason all intersted parties are in a rush to appoint their own administrators.

[GordonHFC]

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My bad, copied it from another page. http://www.scotprem.com/content/default.asp?page=s82

The rest still stands.

Isn't oor Rod on the SFA Board?

[YehButNoBut]

Update on BDO administrators

The man who brought Roman Abramovich to Chelsea is set to oversee the administration process at Heart of Midlothian.

Trevor Birch, the former Stamford Bridge chief executive who brokered the deal for the Russian billionaire to purchase Chelsea for £140m in 2003, is expected to head up the operation to save Hearts in his capacity as an insolvency expert at BDO.

He will be joined at Tynecastle by Bryan Jackson, who is also in charge of the administration of Dunfermline Athletic.

Birch, 55, also held high powered positions at Sheffield United and Derby County, before seeing Portsmouth through to a successful buy-out from administration last year.

The business restructuring executive had a modest career as a player with Shrewsbury Town, Chester City and Runcorn before taking up roles off the field.

BDO were appointed as Hearts administrators on Wednesday.

The club had originally hoped to appoint KPMG to the job but moved instead to BDO after discussions with the major creditors in Lithuanian, Ukio Bankas and UBIG.

http://sport.stv.tv/football/clubs/h...dministration/

[Gus Fring]

I'll also add that my understanding of what happens if Hearts (or any club) are unable to complete fixtures is that they will have their SPL share revoked. Their matches will then be voided and the league table recalculated. The remaining money after this point will then be distributed amongst the remaining teams in the league to make up for loss of earnings. Any cup results will still stand, their next opponents will get a buy through to the next round.

[Juice-Terry]

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Ubig, Ukio and Hearts dodgy dealings have been intertwined for years now so I find it highly unlikely that BDO will 'out' any wrongdoing of the companies they are working for. Yes I know that people will trot out the line they are working in the interest of the creditors but we know from Duff and Phelps performance this is a pile of horse**** and the reason all intersted parties are in a rush to appoint their own administrators.

So someone (one of you finance savvy chaps?) should go directly to the police and press criminal charges!

[JeMeSouviens]

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So someone (one of you finance savvy chaps?) should go directly to the police and press criminal charges!

Why? Fleecing the muppets for £1M+ that can't now go towards the new regime seems positively laudable to me.

[Paisley Hibby]

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Update on BDO administrators

The man who brought Roman Abramovich to Chelsea is set to oversee the administration process at Heart of Midlothian.

Trevor Birch, the former Stamford Bridge chief executive who brokered the deal for the Russian billionaire to purchase Chelsea for £140m in 2003, is expected to head up the operation to save Hearts in his capacity as an insolvency expert at BDO.

He will be joined at Tynecastle by Bryan Jackson, who is also in charge of the administration of Dunfermline Athletic.

Birch, 55, also held high powered positions at Sheffield United and Derby County, before seeing Portsmouth through to a successful buy-out from administration last year.

The business restructuring executive had a modest career as a player with Shrewsbury Town, Chester City and Runcorn before taking up roles off the field.

BDO were appointed as Hearts administrators on Wednesday.

The club had originally hoped to appoint KPMG to the job but moved instead to BDO after discussions with the major creditors in Lithuanian, Ukio Bankas and UBIG.

http://sport.stv.tv/football/clubs/h...dministration/

Did Chuckles Green not have an involvement with SUFC too?

[Juice-Terry]

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Why? Fleecing the muppets for £1M+ that can't now go towards the new regime seems positively laudable to me.

Yes, I certainly have no problem with that, but it would be VERY good/funny to see the Yam board in the dock on criminal charges.

[Treadstone]

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Why? Fleecing the muppets for £1M+ that can't now go towards the new regime seems positively laudable to me.

Any money that went in then is money not going in now. Relegation was only postponed by a year and that's a best case scenario.

[The_Horde]

Hearts fans fantasising because the guy overseeing their admin is the guy who brought abramovich to Chelsea. They really do enjoy a wet dream to themselves.

Believe

[Paisley Hibby]

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A question on the keekback board.... Thoughts?


That email was sent after BDO were confirmed as administrators; and after today's bid was announced.

This looks like a pre-pack, doesn't it?

Would be very interested to hear what CAV and CWG say but having had a quick look at this http://en.wikipedia.org/wiki/Pre-packaged_insolvency it seems to make sense? The timing of the news about a new bid would also tie in with this. No wonder the Lith's wanted their own administrator if this is true. Presumably this would mean the UK tax payers lose out?

[CropleyWasGod]

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Would be very interested to hear what CAV and CWG say but having had a quick look at this http://en.wikipedia.org/wiki/Pre-packaged_insolvency it seems to make sense? The timing of the news about a new bid would also tie in with this. No wonder the Lith's wanted their own administrator if this is true. Presumably this would mean the UK tax payers lose out?

The UK taxpayer is going to take a hit no matter which way it goes, unless Mr. Silly comes in with silly money.

My gut feeling is that the pre-pack is a bit of straw-clutching.

However, even if this does happen, the fact that the SPFL share will be transferred to a Newco means that that newco will have to apply to the League and SFA for membership.

[JeMeSouviens]

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Would be very interested to hear what CAV and CWG say but having had a quick look at this http://en.wikipedia.org/wiki/Pre-packaged_insolvency it seems to make sense? The timing of the news about a new bid would also tie in with this. No wonder the Lith's wanted their own administrator if this is true. Presumably this would mean the UK tax payers lose out?

A pre-pack is a packaged asset sale, similar to what eventually happened with the Huns but without going through the CVA attempt first. If this is a pre-pack then it's liquidation for HMFC as we know and (don't) love.

[Caversham Green]

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Ubig, Ukio and Hearts dodgy dealings have been intertwined for years now so I find it highly unlikely that BDO will 'out' any wrongdoing of the companies they are working for. Yes I know that people will trot out the line they are working in the interest of the creditors but we know from Duff and Phelps performance this is a pile of horse**** and the reason all intersted parties are in a rush to appoint their own administrators.

Remember that Duff & Phelps were the nominees of Craig Whyte and his chum at Collyer Bristow - who they subsequently sued for £25m (using the creditors money of course).

Right now the interests of HoMFC are in direct conflict with those of Ukio and it was Ukio who 'appointed' BDO. The people who carried out any wrongdoing have left all three organisations now and two of the three are definitely in the waste pipe while the third is circling the drain.

In whose interest do you think BDO will act - Ukio, UBIG, HoMFC or BDO?