Share Transfers Agreed/Cooling off period

[Purehibee_MYB]

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According to some of the clowns on brokeback it's the Scotsmans fault for printing this story and twisting it. Apparently the media want them to go bust and its all a conspiracy against them Completely ignoring the fact that there's quotes from Birch in that article clearly stating that a newco is a possibility. Fannies the lot of them... Deluded, arrogant fannies.

They begin to sound more and more like those blue-nosed fellas that used to exist in the west don't they?

[sidneyhibbie]

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According to some of the clowns on brokeback it's the Scotsmans fault for printing this story and twisting it. Apparently the media want them to go bust and its all a conspiracy against them
Completely ignoring the fact that there's quotes from Birch in that article clearly stating that a newco is a possibility. Fannies the lot of them... Deluded, arrogant fannies.

The latest updates are indicating that the UBIG Mess could take months if not years to sort out, i think they will limp along till early next year then Be Liquidated even if they appoint an Administrator to handle UBIG I Cant see them accepting the pathetic offer the CVA Will put forward.

I Sense reality is starting to hit home now brokeback is not such a happy place today after the latest BDO announcement.

[lyonhibs]

http://www.hmfckickback.co.uk/index....ash-with-cash/

Where to begin. Seemingly they are covered in cash at Tynecastle, bathing in asses milk and the such. Never mind that the cash - an admirable amount as it may be - is flying out again immediately to service interest/pay wages etc etc (correct me if I'm wrong).

We will see what the future holds, but if it goes pop the delusion of some of these muppets is breathtaking.

[Mr White]

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I Sense reality

[Treadstone]

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http://www.hmfckickback.co.uk/index....ash-with-cash/

Where to begin. Seemingly they are covered in cash at Tynecastle, bathing in asses milk and the such. Never mind that the cash - an admirable amount as it may be - is flying out again immediately to service interest/pay wages etc etc (correct me if I'm wrong).

We will see what the future holds, but if it goes pop the delusion of some of these muppets is breathtaking.

There is definitely ass milk somewhere.

[Hank Schrader]

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http://www.hmfckickback.co.uk/index....ash-with-cash/

Where to begin. Seemingly they are covered in cash at Tynecastle, bathing in asses milk and the such. Never mind that the cash - an admirable amount as it may be - is flying out again immediately to service interest/pay wages etc etc (correct me if I'm wrong).

We will see what the future holds, but if it goes pop the delusion of some of these muppets is breathtaking.

It's Kiwidoug. Anything that absolute t*t says should be ignored.

[JollyGreenGiant]

What I don't get is how they talk about getting to January, but at this point they may have to go Newco route! So what happens to the rest of the season - surely Doncaster et al have to do something to ensure this doesn't happen mid season!

[Ozyhibby]

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http://www.hmfckickback.co.uk/index....ash-with-cash/

Where to begin. Seemingly they are covered in cash at Tynecastle, bathing in asses milk and the such. Never mind that the cash - an admirable amount as it may be - is flying out again immediately to service interest/pay wages etc etc (correct me if I'm wrong).

We will see what the future holds, but if it goes pop the delusion of some of these muppets is breathtaking.

Right now Hibs will be sitting on about £3m in cash compared with their £0.5m. If admin is such a good place to be we could do it this season if we wanted. Wait till we are at least 20 points clear with a couple of game to go then go for it.
But it's not a good place to be. And they are all idiots.

[JeMeSouviens]

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What I don't get is how they talk about getting to January, but at this point they may have to go Newco route! So what happens to the rest of the season - surely Doncaster et al have to do something to ensure this doesn't happen mid season!

They reckon they have enough money (between their "spectacular" ST sales, the SPFL money due in August and matchday income) to get to the New Year. At that point, there are a few options that might let them limp through to the end of the season: a preferred bidder to fund a shortfall, a January firesale of the best young team ever seen anywhere or the SPFL "doing a Gretna" and giving them their expected end of season money in advance. Whatever happens, I can't see them being allowed to newco until the end of the season and if they do the clamour from the massed forces of Sevconia will ensure they get put in Div3.

If they're going to newco, then I think a morale sapping season at the bottom of the top division getting humped by all and sundry is definitely the preferred option.

[CropleyWasGod]

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I would just like to join the debate and confuse things further.

Fight ya.

[JeMeSouviens]

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http://www.hmfckickback.co.uk/index....ash-with-cash/

Where to begin. Seemingly they are covered in cash at Tynecastle, bathing in asses milk and the such. Never mind that the cash - an admirable amount as it may be - is flying out again immediately to service interest/pay wages etc etc (correct me if I'm wrong).

Not sure if they have to pay interest on the debt while in administration? Other than that, you're bang on, the admins more or less said yesterday that the money runs out again in January.

We will see what the future holds, but if it goes pop the delusion of some of these muppets is breathtaking.

[Jack]

Ukio called the shots and BDO were installed as administrators.

Can someone please explain then why BDO are in any way involving themselves in a newco scenario?

Why should they be concerned about what happens after?

And who, if anyone, has the right to start a newco to replace the yams? As a more fitting and proper person than they are likely to attract on what grounds could BDO stop me from doing it?

[poolman]

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It's Kiwidoug. Anything that absolute t*t says should be ignored.

I knew him yonks ago when he lived in Viewforth in Embra

All I can say is, once an absolute roaster, always an absolute roaster

[JollyGreenGiant]

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They reckon they have enough money (between their "spectacular" ST sales, the SPFL money due in August and matchday income) to get to the New Year. At that point, there are a few options that might let them limp through to the end of the season: a preferred bidder to fund a shortfall, a January firesale of the best young team ever seen anywhere or the SPFL "doing a Gretna" and giving them their expected end of season money in advance. Whatever happens, I can't see them being allowed to newco until the end of the season and if they do the clamour from the massed forces of Sevconia will ensure they get put in Div3.

If they're going to newco, then I think a morale sapping season at the bottom of the top division getting humped by all and sundry is definitely the preferred option.

Ok, but surely if they have set a deadline of 12th July for bids, they are going to have a fair idea of how this is going to pan out, so why not go newco route then rather than dragging out the inevitable!

[CropleyWasGod]

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Ukio called the shots and BDO were installed as administrators.

Can someone please explain then why BDO are in any way involving themselves in a newco scenario?

Why should they be concerned about what happens after?

And who, if anyone, has the right to start a newco to replace the yams? As a more fitting and proper person than they are likely to attract on what grounds could BDO stop me from doing it?

BDO are merely floating the possibility of the NewCo route. If they are unable to make a CVA work, they are entitled to sell off the assets for the benefit of the creditors. If the advert floating about earlier this week is genuine, then they have already started that process.

Anyone can start up that NewCo. It's not, though, in BDO's power to assess whether you are a fit and proper person; that's the SFA's call. BDO will make a sale on the best commercial terms.

[Zondervan]

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They are...official papers were passed to the Kaunas Courts on Monday 17th June...the same day the Yams went into admin.

I'll get an official link if you want it....

....Banderson might see this as an 'exclusive' if he can beat me to it.

Sergey,

The reports today suggest that the UBIG Admin has yet to happen. Can you clarify what actually happened on the 17th June in Lithland?

[CB_NO3]

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Ukio called the shots and BDO were installed as administrators.

Can someone please explain then why BDO are in any way involving themselves in a newco scenario?

Why should they be concerned about what happens after?

And who, if anyone, has the right to start a newco to replace the yams? As a more fitting and proper person than they are likely to attract on what grounds could BDO stop me from doing it?

It looks to me a CVA is far from being agreed. I think BDO know this, they have asked the fans to shift 3000 tickets and they have done that, yet they are still making noises that a "newco" is possible. It looks like they are struggling big time to get hold of UBIGs shares. The Ukio administrators know they will get minimum 6.5m for Tynecastle as that's the value of the stadium in security to the debt. So in order for any new owner to takeover Hearts they are going to have to pay the Ukio administrators 6.5m and it looks like that wont even be enough to buy the whole club. If no one comes up with the 6.5m asap then Ukio will call in their debt, possibly on the 12th July, again BDO will know more than they are letting on. If that happens then liquidation is inevitable. The Ukio admin team will strip the remaining players and stadium as a separate asset and sell to a newco, looking more likely to be FOH. Am pretty sure they deep down know this is happening as they have said nothing the last few days.

I actually find it staggering that this Birch fellow came out saying a "newco" is still possible. BDO have changed their tune the last 2 weeks. I think we may have a new Duff and Phelps on the go here.

[JeMeSouviens]

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Ok, but surely if they have set a deadline of 12th July for bids, they are going to have a fair idea of how this is going to pan out, so why not go newco route then rather than dragging out the inevitable!

BDO's preferred option is to sell Hearts via a CVA route out of admin. That way the club has its max value as a going concern in the top division and the creditors will get some p/£. The newco route will start them in Div3, and a sale of "business and assets" will be at a much reduced price (effectively whatever Ukio's liquidators have as their minimum acceptable for Tiny I would imagine). The creditors after Ukio's liquidator would almost certainly get nothing.

I think BDO have to try the CVA route first.

[CropleyWasGod]

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It looks to me a CVA is far from being agreed. I think BDO know this, they have asked the fans to shift 3000 tickets and they have done that, yet they are still making noises that a "newco" is possible. It looks like they are struggling big time to get hold of UBIGs shares. The Ukio administrators know they will get minimum 6.5m for Tynecastle as that's the value of the stadium in security to the debt. So in order for any new owner to takeover Hearts they are going to have to pay the Ukio administrators 6.5m and it looks like that wont even be enough to buy the whole club. If no one comes up with the 6.5m asap then Ukio will call in their debt, possibly on the 12th July, again BDO will know more than they are letting on. If that happens then liquidation is inevitable. The Ukio admin team will strip the remaining players and stadium as a separate asset and sell to a newco, looking more likely to be FOH. Am pretty sure they deep down know this is happening as they have said nothing the last few days.

I actually find it staggering that this Birch fellow came out saying a "newco" is still possible. BDO have changed their tune the last 2 weeks. I think we may have a new Duff and Phelps on the go here.

Why staggering? If a CVA doesn't work, it's the ONLY route to preserve a "Hearts".

If they have changed their tune in the past 2 weeks, it's probably in the light of the realisation that the frozen shares really are going to be a major issue.

[Waxy]

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http://bit.ly/17KDWN7

Administrator says they are considering newco

Am a livin in a box.Am a livin in a cardboard box.

[sidneyhibbie]

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It looks to me a CVA is far from being agreed. I think BDO know this, they have asked the fans to shift 3000 tickets and they have done that, yet they are still making noises that a "newco" is possible. It looks like they are struggling big time to get hold of UBIGs shares. The Ukio administrators know they will get minimum 6.5m for Tynecastle as that's the value of the stadium in security to the debt. So in order for any new owner to takeover Hearts they are going to have to pay the Ukio administrators 6.5m and it looks like that wont even be enough to buy the whole club. If no one comes up with the 6.5m asap then Ukio will call in their debt, possibly on the 12th July, again BDO will know more than they are letting on. If that happens then liquidation is inevitable. The Ukio admin team will strip the remaining players and stadium as a separate asset and sell to a newco, looking more likely to be FOH. Am pretty sure they deep down know this is happening as they have said nothing the last few days.

I actually find it staggering that this Birch fellow came out saying a "newco" is still possible. BDO have changed their tune the last 2 weeks. I think we may have a new Duff and Phelps on the go here.

This is a really good post i agree with your findings and this should be sorted before the season starts so they can be demoted properly

[cocopops1875]

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This is a really good post i agree with your findings and this should be sorted before the season starts so they can be demoted properly

You should write a letter

[AinsterHibs]

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I'm sure the operation was a success, but the patient will die anyway.

[Part/Time Supporter]

Hearts bucking the trend

http://www.accountancyage.com/aa/new...medium=twitter

The listed insoovency [sic] specialists reported that pre-tax profit had fallen to £2.4m for the year ended 30 April 2013 from £5.5m in 2012, while profit before tax fell to £400,000 compared to £2.1m in 2012. The firm's revenue also declined to £51.1m from £57.7m for the same period a year earlier.

The decline has been attributed to a drop in the number of corporate insolvencies, which were nationally down 10% for the year ended 31 March, compared with the previous year.

[jacomo]

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It's far more likely that the highest bidder (most likely the McKie group) will be nominated preferred bidder at some point in the following week. Then discussions will continue about securing the shares for sale and the price(s) to be paid.

Let's see the colour of McKie's money. I think he's spotted an opportunity, as did Brian Kennedy with Rangers, to pick up a debt-free football club for buttons, make his money back and move it on. There are significant obstacles to any of this happening, of course.

[Moulin Yarns]

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Fight ya.

Couldn't resist Everybody should have some similarity to your name so that nobody knows what's real or not.

Just wait until I post some financial revelation about that bunch of highland dancers that is totally left field

[CropleyWasGod]

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Couldn't resist Everybody should have some similarity to your name so that nobody knows what's real or not.

Just wait until I post some financial revelation about that bunch of highland dancers that is totally left field :wink:

I do it all the time. Would anybody actually notice that it wasn't really me?

[Onion]

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It looks to me a CVA is far from being agreed. I think BDO know this, they have asked the fans to shift 3000 tickets and they have done that, yet they are still making noises that a "newco" is possible. It looks like they are struggling big time to get hold of UBIGs shares. The Ukio administrators know they will get minimum 6.5m for Tynecastle as that's the value of the stadium in security to the debt. So in order for any new owner to takeover Hearts they are going to have to pay the Ukio administrators 6.5m and it looks like that wont even be enough to buy the whole club. If no one comes up with the 6.5m asap then Ukio will call in their debt, possibly on the 12th July, again BDO will know more than they are letting on. If that happens then liquidation is inevitable. The Ukio admin team will strip the remaining players and stadium as a separate asset and sell to a newco, looking more likely to be FOH. Am pretty sure they deep down know this is happening as they have said nothing the last few days.

I actually find it staggering that this Birch fellow came out saying a "newco" is still possible. BDO have changed their tune the last 2 weeks. I think we may have a new Duff and Phelps on the go here.

This is a game of PR. BDO were never going to talk of a Newco solution as long as there was cash to be pulled in through STs. Now that card has been played and they've bought a little time (and have the cash in the bank) they can start feeding the Yam mob with some home truths.

Next play is to start blaming Lithuanian bureaucracy for holding things up, delaying the process, needing more cash, blah blah. Easy to deflect blame onto those bad people in Lithuania - perfect scapegoats when it all goes tits up. Let the games begin

[Onion]

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Let's see the colour of McKie's money. I think he's spotted an opportunity, as did Brian Kennedy with Rangers, to pick up a debt-free football club for buttons, make his money back and move it on. There are significant obstacles to any of this happening, of course.

Even if they're not serious about buying, it's an easy/cheap way to raise your profile and get some +ve PR among the Yam Mob, politicians and great and good of Edinburgh. There will be a million reasons to withdraw any "offer" at any stage, and still look like the good guy who tried to help an ailing club. A no lose play.

[jdships]

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Let's see the colour of McKie's money. I think he's spotted an opportunity, [B]as did Brian Kennedy with Rangers,[/B] to pick up a debt-free football club for buttons, make his money back and move it on. There are significant obstacles to any of this happening, of course.

Agree totally with that
Kennedy has a track record on this !!
Spoke with an old friend who , now retired, was for many years employed by one of the major company's involved in sequestrations/liquidations.
He said basically the same as you are saying and added " ........ hell of a lot of "spin" going on here !"

His fear is that Hearts will go into liquidation and all the money put up by the supporters will be gone !
Secondly whoever "buys " the club will still have to find substantial funds/funding to run/operate the club

Interesting four/six weeks ahead for the " slum dwellers " methinks !!!