Share Transfers Agreed/Cooling off period

[BarneyK]

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Is there not an issue with the brewery when it comes to selling??

I think it improves the general smell of the area, but other than that...

[Spike Mandela]

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Is there not an issue with the brewery when it comes to selling??

It's a distillery...............Pedant Alert!!

[green glory]

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I think it improves the general smell of the area, but other than that...

Just think how much better it would smell without the PBS.

[God Petrie]

It seems obvious to me that a Newco is going to be the solution - they're just going through the motions at the moment.

[sidneyhibbie]

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Wii prove to everyone what everyone all ready knows: there are no serious bids for Hearts with sufficient money upfront to satisfy the Lithuanian administrators. BDO will then quickly move to liquidation taking their fee from the sales and saying how sorry it has cone to this! RiIP HMFC

yip i can see it going this way as well as the situation in Lith Land is a mess and will drag on for months cake making will go into over drive once BDO the deed.

[Dunderhall]

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It's a distillery...............Pedant Alert!!

Isn't the issue with a whisky vat.

can't be though surely, the yams don't care about VAT.

[brog]

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Wii prove to everyone what everyone all ready knows: there are no serious bids for Hearts with sufficient money upfront to satisfy the Lithuanian administrators. BDO will then quickly move to liquidation taking their fee from the sales and saying how sorry it has cone to this! RiIP HMFC

Agree 100%. I think BDO are going through the motions & starting to worry about their fees.

[Caversham Green]

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You are of course factually correct Geo but the one fact that remains is the administrators sold all the 'good' assets that make up a football club at a pitiful knockdown price.

Nobody could ever convince me they are acting in the best interest of the creditors as per their mantra.

Just to put the record straight, I don't think they acted in the best interest of the creditors either. BDO will certainly not whitewash the issue, but nor will they make any accusations if D&P had a strong legal case for acting the way they did. That's life.

[Onion]

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Agree 100%. I think BDO are going through the motions & starting to worry about their fees.

If there is/was little to no chance of any of the bids being accepted, and BDO knew that, then they had no right to string this along - pleading with fans to stump up cash to keep the patient alive. BDO should be very well aware of what the Liths want ( as they were appointed by the Liths) and roughly how much FOH and other can offer (as they've spoken to interested parties). Failure of the CVA would not reflect well on BDO.

[greenginger]

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Is there not an issue with the brewery when it comes to selling??

Planners will want some separation between North British Distillery and any housing , but there will also be requirements for open space in a development so that space would be utilised in that way.

The old Tynie high school is up for sale as a development site so we will soon see if the Council has any issues with the distillery proximity.

[CropleyWasGod]

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If there is/was little to no chance of any of the bids being accepted, and BDO knew that, then they had no right to string this along - pleading with fans to stump up cash to keep the patient alive. BDO should be very well aware of what the Liths want ( as they were appointed by the Liths) and roughly how much FOH and other can offer (as they've spoken to interested parties). Failure of the CVA would not reflect well on BDO.

Why is that?

The administrator has specific statutory duties. He can't just come in and say immediately "there's no money about, no offers, let's just shut it down". He has to go through the process set down by law. He also has to allow bidders the time to organise their own bids and finance.

I always thought that this would be a relatively short administration, and that's how it looks to be panning out. Yes, this is a short one.

However, if there's no CVA, I don't think you can point a finger at BDO. If there is no decent offer, then that's life; that's not their fault.

[Sanger]

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On a scale of 0-100% how sure are you desantos?

99.99999%

[YehButNoBut]

Think Newco is getting closer.

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

Hearts: UBIG shares means club must consider 'plan B'

Hearts joint administrator Trevor Birch insists the club cannot rule out entering a "newco scenario". Birch says that route is a "last resort" to be pursued if the issue with UBIG's proposed administration and shareholding remains unresolved.

UBIG, who are claiming insolvency, own 50% of the shares at Tynecastle and are also a major club creditor. "There may be a delay in the process and therefore you may have to look to plan B," Birch told BBC Radio Scotland. "I've been at pains to say that we have to be prepared for that.

"If it becomes a total stumbling block and an impossibility to deliver the shares via a CVA [company voluntary arrangement], then you may need to look at the newco scenario [transfer of club assets to a new company]. "That is absolutely last resort but if that is the only way of circumventing the share issue then that's what you'd have to look at."

Birch, of accountancy firm BDO, hopes UBIG will be placed in administration during August, which would make the selling of Hearts more straightforward once they identify a preferred bidder.

[CropleyWasGod]

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Birch, of accountancy firm BDO, hopes UBIG will be placed in administration during August, which would make the selling of Hearts more straightforward once they identify a preferred bidder.

That line should read "Birch disagrees with the collective opinion of Hibs.net".

Not sure I agree with him. The shares are frozen, and will remain so even if an administrator is appointed. The administrator, as is his duty, will try and obtain possession of them; that bit may prove difficult.

[Dashing Bob S]

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Wii prove to everyone what everyone all ready knows: there are no serious bids for Hearts with sufficient money upfront to satisfy the Lithuanian administrators. BDO will then quickly move to liquidation taking their fee from the sales and saying how sorry it has cone to this! RiIP HMFC

This has always been the likely outcome. The rest has been piss and wind and going through the motions.

[Waxy]

What happens if they try and go the newco route once the season has started.
They may do this and hope to stay in the top league as anything else would cause massive disruption problems.
I think this is what they will try to do.
I hope they can't get away with this.

[ronaldo7]

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What happens if they try and go the newco route once the season has started.
They may do this and hope to stay in the top league as anything else would cause massive disruption problems.
I think this is what they will try to do.
I hope they can't get away with this.

The SFA should hit them with at least £250,000 fine and that would settle the matter. They could then promote Morton and let the Hertz crumble into division 3

[greenginger]

I don't think NewCo's can happen overnight. There would be a gap between closing of HOMFC 1874 and HOMFC 2013 starting and I don't think even our lot of football blazers could smooth that one through.

[sidneyhibbie]

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Think Newco is getting closer.

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

Hearts: UBIG shares means club must consider 'plan B'

Hearts joint administrator Trevor Birch insists the club cannot rule out entering a "newco scenario". Birch says that route is a "last resort" to be pursued if the issue with UBIG's proposed administration and shareholding remains unresolved.

UBIG, who are claiming insolvency, own 50% of the shares at Tynecastle and are also a major club creditor. "There may be a delay in the process and therefore you may have to look to plan B," Birch told BBC Radio Scotland. "I've been at pains to say that we have to be prepared for that.

"If it becomes a total stumbling block and an impossibility to deliver the shares via a CVA [company voluntary arrangement], then you may need to look at the newco scenario [transfer of club assets to a new company]. "That is absolutely last resort but if that is the only way of circumventing the share issue then that's what you'd have to look at."

Birch, of accountancy firm BDO, hopes UBIG will be placed in administration during August, which would make the selling of Hearts more straightforward once they identify a preferred bidder.

I Am now warming to BDO they are slipping the " Newco " word in more and more now i think they are trying to get it to the point that the yams just accept it as they have no other choice, my worry is that they keep the dead patient on the life suport machine long enough for the season to start then it gets switched off and " Newco "

The Zombie " Newco " might have to remain in the SPL As season already started, i take it The Administrator of Ukio Bankas will then sell the PBS Off to any builders that may want it once they have been liquidated ?

[CropleyWasGod]

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I don't think NewCo's can happen overnight. There would be a gap between closing of HOMFC 1874 and HOMFC 2013 starting and I don't think even our lot of football blazers could smooth that one through.

Hmmm, not sure I agree.

I could start up a company today. It would therefore be ready to take over the assets of HMFC at any time.

The issue, though, would be the transfer of the SFA memberships and SPFL share. They would need to be ratified, and it's that that would take time.

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I Am now warming to BDO they are slipping the " Newco " word in more and more now i think they are trying to get it to the point that the yams just accept it as they have no other choice, my worry is that they keep the dead patient on the life suport machine long enough for the season to start then it gets switched off and " Newco "

The Zombie " Newco " might have to remain in the SPL As season already started, i take it The Administrator of Ukio Bankas will then sell the PBS Off to any builders that may want it once they have been liquidated ?

Sidney takes it wrong

If a NewCo has bought the assets of OldCo, NewCo owns the PBS.

[500miles]

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Sidney takes it wrong

If a NewCo has bought the assets of OldCo, NewCo owns the PBS.

And where does a Newco get the finance to purchase Tyncastle from the OldCo? BDO aren't under the same political and social pressures Duff and Phelps were to sell cheap. Tyncastle will go to the highest bidder, to cover the security held by UBIG, who will themselves be flogging everything off to the highest bidder to pay their creditors.

How much is Tyncastle worth as land? It can be built on outside the blast zone, and is next to the city centre. Who is going to lend FOH the cash to buy over a dilapidated and inadequate facility like Tyncastle?

If Hearts start off again as a Newco, they may have to move elsewhere anyway.

[Moulin Yarns]

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Hmmm, not sure I agree.

I could start up a company today. It would therefore be ready to take over the assets of HMFC at any time.

The issue, though, would be the transfer of the SFA memberships and SPFL share. They would need to be ratified, and it's that that would take time.

I propose the Cropley, Caversham, Desantos and Sergey PLC start a company under the name Heart of Midlothian Original Football Club in order to take control of the newco

[Ray_]

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Sidney takes it wrong

If a NewCo has bought the assets of OldCo, NewCo owns the PBS.

Even when Tynie is secured to Ukio?

[CropleyWasGod]

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Even when Tynie is secured to Ukio?

Yes.

Newco buys the PBS from the OldCo. The Oldco pays UKIO what it can towards the security.

[Ray_]

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I propose the Cropley, Caversham, Desantos and Sergey PLC start a company under the name Heart of Midlothian Original Football Club in order to take control of the newco

We already have all their assets, Fraser Mullen.

[CropleyWasGod]

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And where does a Newco get the finance to purchase Tyncastle from the OldCo? .

That's their problem.

To clarify, when we say NewCo, we are meaning a NEW owner of the assets of HMFC. That, of course, could be a company that wants to own a football club. It might not be.

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I propose the Cropley, Caversham, Desantos and Sergey PLC start a company under the name Heart of Midlothian Original Football Club in order to take control of the newco

I'm out.

The words "shave my eyeballs with a machete" come to mind.

[Ray_]

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Yes.

Newco buys the PBS from the OldCo. The Oldco pays UKIO what it can towards the security.

That's pretty poor, Old Co get to sell off an asset that they have already used as secured debt!

[Onion]

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Why is that?

The administrator has specific statutory duties. He can't just come in and say immediately "there's no money about, no offers, let's just shut it down". He has to go through the process set down by law. He also has to allow bidders the time to organise their own bids and finance.

I always thought that this would be a relatively short administration, and that's how it looks to be panning out. Yes, this is a short one.

However, if there's no CVA, I don't think you can point a finger at BDO. If there is no decent offer, then that's life; that's not their fault.

BDO have enticed 3000 people to part with a lot of cash on the premise that this would give Hearts a decent shot at exiting Administration and assumption they would be playing SPL football in the coming season. They must have done this with some knowledge of the creditors likely demands and FOH/others funding positions. Their job is to broker a deal.

Yet just DAYS after squeezing fans for cash they get bearish and start talking about admin problems and possible Newco (with likely 3rd Div football ???). Whole thing feels like a legalised scam - process or not

[CropleyWasGod]

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That's pretty poor, Old Co get to sell off an asset that they have already used as secured debt!

It's no different to selling a house, that has been used as security for a loan. You own the house, but you have to pay off the lender from the proceeds of the sale.

[Ray_]

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BDO have enticed 3000 people to part with a lot of cash on the premise that this would give Hearts a decent shot at exiting Administration and assumption they would be playing SPL football in the coming season. They must have done this with some knowledge of the creditors likely demands and FOH/others funding positions. Their job is to broker a deal.

Yet just DAYS after squeezing fans for cash they get bearish and start talking about admin problems and possible Newco (with likely 3rd Div football ???). Whole thing feels like a legalised scam - process or not

They are the BIG support, they can afford it!

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It's no different to selling a house, that has been used as security for a loan. You own the house, but you have to pay off the lender from the proceeds of the sale.

A house you have more chance of getting value for, my concern is the case of Ibrox & Murray Park.