Share Transfers Agreed/Cooling off period

[Thecat23]

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Which may or may not be true. Unfortunately, truth is in short supply on the Dark Side of town.

I think this is true. The last mob lied but these guys in sorting it out have told it straight. They think Hearts will at least go to the end of the year he said on sky. That's without a buyer.

I think it's wishful thinking about liquidation now if I'm honest.

[SmithyHibee]

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I suggest that BDO won't be economical with the truth when it comes to the number of ST's sold. I will suggest that there hasn't been 2801 full-priced adult ST's sold though.

And I bet a fair chunk of that 2800 will be reserved tickets, how many of them will actually be bought in the end?

[Cabbage East]

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That's a spankingly good shout.

Can someone explain this to me please, I've seen loads of chat on here about spanking and I don't get it.

[#FromTheCapital]

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@jamiekborthwick: BDO says 3000 target almost met. Hearts fans given them "breathing space" to secure a buyer for Hearts.

@jamiekborthwick: Exact number of STs is 2801 as of right now.

So they've sold 800 season tickets in a day

[Dunderhall]

@jamiekborthwick26s
"We continue to liaise with lawyers to ensure shares are including in sale of club, alongside Tynecastle"

Maybe plan B needed after all?

[Lucius Apuleius]

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Keekaboo thinks so, as he always does about anyone referring to themselves in the third person


Oh and don't you mean 'cockwomble'?

I do indeed sir, Lucius Apuleius thanks you.

[JeMeSouviens]

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So they've sold 800 season tickets in a day

I think that figure includes ~500 that are reserved but not paid for as yet.

[Treadstone]

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Birch on SSN saying they cant sell shares yet.

Also said buyers dont need to fill a "gaping hole" in finances? Did I get that right?

At last someone pointing out (excluding hibs.net) that it can't be sold as things stand. Birch talking about when UBIG go into admin and trying to sell the shares "that process will take some time...hopefully not as long as Portsmouth"

Pompey were in admin for 14 months.

[HibeeMG]

It all sounds like the administrators think they've bought some time.

Time for what though?

At the end of the day, they need a sugar-daddy to come along to satisfy the Lithuanians. If they don't find one then the administrators/liquidators in Lithuania will go straight to selling off the assets.

[Craig_in_Prague]

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Birch on SSN saying they cant sell shares yet.

Also said buyers dont need to fill a "gaping hole" in finances? Did I get that right?

Had to read that twice there lol

there's more holes in their finances than in a tramps sock.

[Dunderhall]

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I think that figure includes ~500 that are reserved but not paid for as yet.

Are those the ones where anyone could phone up and reserve.

[Waxy]

If they're still in administration at the start of div one next season will they be deducted points again?

[Craig_in_Prague]

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It all sounds like the administrators think they've bought some time.

Time for what though?
At the end of the day, they need a sugar-daddy to come along to satisfy the Lithuanians. If they don't find one then the administrators/liquidators in Lithuania will go straight to selling off the assets.

I can't see how Hearts can go through a long admin process. There is not the cash there to do that.

[JeMeSouviens]

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Birch on SSN saying they cant sell shares yet.

Also said buyers dont need to fill a "gaping hole" in finances? Did I get that right?

Well, that's probably true if they're happy to continue with a squad that might not be good enough for Div1 let alone the SPL.

[Phil D. Rolls]

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Hi Sidney.
Gonnae do us a wee favour - stop referring to yourself in the third person. It's disconcerting, weird and frankly a tad creepy. The word "I" is much easier to use.
Cheers

WEE AIRDRIE JAMBO AGREES!

[Treadstone]

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If they're still in administration at the start of div one next season will they be deducted points again?

Aye probably. SPL rules would suggest so, but not sure how new SPFL will take this going forward but surely similar rules.

[Viva_Palmeiras]

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Hi Sidney.
Gonnae do us a wee favour - stop referring to yourself in the third person. It's disconcerting, weird and frankly a tad creepy. The word "I" is much easier to use.
Cheers

Is he Smeagol/Gollum in disguise?

[Part/Time Supporter]

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I can't see how Hearts can go through a long admin process. There is not the cash there to do that.

That might be objectively their best choice of action if the UBIG shares cannot be secured for a sale process.

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At last someone pointing out (excluding hibs.net) that it can't be sold as things stand. Birch talking about when UBIG go into admin and trying to sell the shares "that process will take some time...hopefully not as long as Portsmouth"

Pompey were in admin for 14 months.

I think this ties together what we were talking about yesterday in respect of the Businesses For Sale advert stating that the "business and assets" were for sale, rather than the company. When BDO first went in their intention was obviously to sell the company via a CVA. They have been talking to the shareholders, out of whom UBIG is by far the most important.

Evidently they have not been able to agree that the shares should be sold, to date anyway. They have more recently put out the advert stating that the "business and assets" are for sale, because that is all they can guarantee that they can sell as at this point. I guess they will keep trying to secure the shares for sale because that would be more beneficial to the business and therefore could raise a greater price from buyers, but this may not be possible.

In a sense you have two contradictory standpoints from Lithuania here: on one hand, the liquidator of Ukio wants to get as much cash in as possible ASAP. On the other hand, the assets held by UBIG are frozen and subject to statutory investigations. It may be that the only way to reconcile these two positions is to go down the newco route.

Edit:

http://www.bbc.co.uk/sport/0/footbal...medium=twitter

UBIG shares cannot be sold until UBIG goes into administration, according to Birch.

[jonty]

I hate to bring it up again but...

Who actually has shares? I appreciate the great share fraud only involved 2-3% of the 'shares' (based on value of £50 million for club and raising £1 million) but surely these will need to be accounted for in some capacity, or will they just slide into a black hole?

[greengnome]

Jambo's are throwing a party over on brokeback.... BDO information has obviously eased all their worries!

It is interesting though that they still need to mention us Hibby's at every opportunity...!

[HUTCHYHIBBY]

HutchyHibby wonders how BDO will get their Administrators fee anytime soon? ;-)

[Pete]

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Jambo's are throwing a party over on brokeback.... BDO information has obviously eased all their worries!

It is interesting though that they still need to mention us Hibby's at every opportunity...!

I'll have to stop reading that site as I can't take it any more. Its like watching a prisoner in solitary slowly go mad. They are repeating things again hoping that people will believe them.

The latest one is that all their "cheating" is a "hobo myth" and it's just hibs being bitter. It must also be a rangers myth, a celtic myth, an aberdeen myth, a dundee united myth and a st mirren myth as everyone else on planet earth can see it for what it was.

Hang on, we also cheated because we have a mortgage and made a £2.99 loss last season. Thats us all even. And we cant comment either because we cheated in 1990.

It's painful.

[Heisenberg]

Eilidh Barbour‏@EilidhBarbour
#Hearts administrator Trevor Birch says the club is the victim and it would be unjust of the SFA to punish the victim any further

:fenlonNo chance they should get away without any further punishment.

[greengnome]

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I'll have to stop reading that site as I can't take it any more. Its like watching a prisoner in solitary slowly go mad. They are repeating things again hoping that people will believe them.

The latest one is that all their "cheating" is a "hobo myth" and it's just hibs being bitter. It must also be a rangers myth, a celtic myth, an aberdeen myth, a dundee united myth and a st mirren myth as everyone else on planet earth can see it for what it was.

Hang on, we also cheated because we have a mortgage and made a £2.99 loss last season. Thats us all even. And we cant comment either because we cheated in 1990.

It's painful.

Aye, it's getting boring now right enough. And I don't think they actually grasp a wind up when they see one
They know who they are....
GGTTH..... :pfgwa

[Andy74]

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Eilidh Barbour‏@EilidhBarbour
#Hearts administrator Trevor Birch says the club is the victim and it would be unjust of the SFA to punish the victim any further

:fenlonNo chance they should get away without any further punishment.

Best ignored. They will get whatever punishments are due whatever nonsense they come out with. Regardless of who made the decisions the club were responsible for those decisions and were the ones who benefited.

[Saorsa]

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Eilidh Barbour‏@EilidhBarbour
#Hearts administrator Trevor Birch says the club is the victim and it would be unjust of the SFA to punish the victim any further

:fenlonNo chance they should get away without any further punishment.

Really, then he's an erse. I would think they've been the benefactors, the victims are the ones who are going tae get bumped out of the vast majority or probably all the money they are owed by that grubby despicable club.

[Waxy]

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Eilidh Barbour‏@EilidhBarbour
#Hearts administrator Trevor Birch says the club is the victim and it would be unjust of the SFA to punish the victim any further

:fenlonNo chance they should get away without any further punishment.

Same type of crap we had to put up with last summer.

[LancashireHibby]

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Really, then he's an erse. I would think they've been the benefactors, the victims are the ones who are going tae get bumped out of the vast majority or probably all the money they are owed by that grubby despicable club.

He's an administrator trying to find a buyer. Like it or not, he has to act in the best interests of his client (ie HMFC), even if it means telling a white lie that might attract more money in to the place, such as the numpties throwing season ticket money after bad.

[YehButNoBut]

BBC reporting that there are "three or four serious bidders" for Hearts but a swift takeover deal is unlikely.

http://www.bbc.co.uk/sport/0/football/23167775


The administrators at Hearts say there are "three or four serious bidders" for the financially troubled club.

But Trevor Birch from accountancy firm BDO refused to reveal an asking price and indicated that a swift takeover deal is unlikely.

Birch thinks nothing will be concluded before the issue with UBIG's shares is resolved in a Lithuanian court.

UBIG, who are claiming insolvency, were the former parent company of Hearts and own 50% of the shares at Tynecastle.

"Until UBIG are in administration there is not likely to be any movement with those shares," explained Birch.

"The dealings with the Lithuanians may be very quick. We just don't know.

"I'm just anticipating that it might be a prolonged process and we have to be ready for that."

[Twa Cairpets]

The only people who are seriously going to buy Hearts are "Hearts minded" individuals - there is no Tom Farmer (that we know of) ready to come to their rescue.

If a business man is looking for a toy to play with, then the club they should buy in Scotland would be Hibs. Similar size, but with much less baggage and much, much less outlay required to bring it up to a position of respectable challenging. Any non-Hearts man looking to buy a club is therefore immediately disqualified from having any valid business nous if they lob the cash at the muppets over by.