Share Transfers Agreed/Cooling off period

[Bad Martini]

#allisbarry :cool:

[Gus Fring]

This quote is hidden because you are ignoring this member. Show Quote

There's a thread on Keekback where they're all bricking it as someone has it on good authority that a consortium led by Massone has submitted an offer to BDO today.

Hopefully true and it trumps the FOH bid to become preferred bidder.

http://www.hmfckickback.co.uk/index....30306-massone/

Apparently there's no truth in that. My understanding is that if Massone did bid then BDO would tell him to bolt anyway due to his past dealings.

This quote is hidden because you are ignoring this member. Show Quote

I'm using my E-Bay tactics and only bidding at 16:59.

This is obviously a joke but it's disconcerting the number of people who actually think this process works like an auction. Where if someone bid £5m then BDO would release a statement saying "Anyone going to offer 6?"

There are also those who honestly believe that BDO have to accept whatever is offered to them if there is only one bidder. That bid has to be more favourable in terms of a return for the creditors than liquidation and I really can't see how the FOH can get close unless they've had a significant cash injection in the last week

[Leishy1995]

I've seen the famous @thejamieryan tweet sir rod telling him that FoH are the only bidders. I bloody hope so

[haagsehibby]

This quote is hidden because you are ignoring this member. Show Quote

Hope the SFA take such a hard line. http://www.bbc.co.uk/sport/0/football/23259898

"Joel should have told us but he never knew because he was in prison."

[Gus Fring]

Club 9 Sports have bid, this is the one BDO were hoping for. They aren't expecting any more.

[Moulin Yarns]

Still 15 minutes to deadline, tock, tick

[BarneyK]

This quote is hidden because you are ignoring this member. Show Quote

Club 9 Sports have bid, this is the one BDO were hoping for. They aren't expecting any more.

Worth noting Club 9's blether on the Sevco affair and consider whether they view the yams in the same way -


"In the statement, Club 9 said: ‘We understand that it has been strongly rumoured that our group planned to “liquidate” the club. It should be made clear that any party that attempts to acquire the club, eliminate the debts, affect a turnaround, invest monies and put the club back on solid ground is in fact “saving” the club from liquidation and preserving its past and its future.
‘In an asset purchase, all of the good and valuable assets (records, marks, names, trophies, players, staff, history) are preserved and separated from the bad and harmful liabilities (tax bills, bad contracts, creditors), which have put the club into administration and which act to force the entirety into liquidation.
‘By putting all of the assets into a different corporate structure, the assets are, in fact, rescued from liquidation. Such a transaction would be very similar to the one that occurred at Leeds United in 2007, which simultaneously rescued that club, maintained its proud history and allowed the club to shed its debt burden so that it could have the opportunity for future success.’"

[The Falcon]

This quote is hidden because you are ignoring this member. Show Quote

I've seen the famous @thejamieryan tweet sir rod telling him that FoH are the only bidders. I bloody hope so

They may well be as it appears that other interested parties are stepping aside with, I suspect, the view that then Hearts minded individuals will not be bidding against each other and hopefully the bidder will pick up the whole shooting match for the minimum outlay. Once the fuds have secured ownership then other interested parties will collude with the new (skint) owners as to how best to take it forward having shafted the Liths.

I suspect that is the cunning plan.

[joe breezy]

This quote is hidden because you are ignoring this member. Show Quote

They may well be as it appears that other interested parties are stepping aside with, I suspect, the view that then Hearts minded individuals will not be bidding against each other and hopefully the bidder will pick up the whole shooting match for the minimum outlay. Once the fuds have secured ownership then other interested parties will collude with the new (skint) owners as to how best to take it forward having shafted the Liths.

I suspect that is the cunning plan.

Why would the Lithuanians accept a paltry offer when they can liquidate and sell the ground for more?

[BarneyK]

This from The Herald in 2012

Club 9 Sports describe their approach as seeking to revive struggling companies "through cost-cutting and aggressive sales and marketing". Their most recent venture was the purchase of Quad City Mallards, a minor league professional ice hockey team based in Illinois. The Mallards went out of business for almost one month last year until Club 9 Sports rescued them, but there have been setbacks since, including the late payment of player wages.

"We did have a cash crunch, which is not unusual when you deal with an entity that's been losing a lot of money," Pritchett told the local press. "For a couple of days, we had a payroll shortage, but we rectified that. It was kind of a blip, and we got caught without games and other expenses. In our view, it's not a big deal. It's just the ugliness of a turnaround."

The Mallards have grown attendance and revenue figures, and the performance of the team has improved, although investment has been modest. Club 9 Sports claim to be connected to 24 sporting clubs or organisations, although many seem due to the historical involvement of the 75-year-old Carl Scheer, a vastly experienced administrator and executive in US sports, as a senior advisor.

http://www.heraldscotland.com/sport/...again.17090270

[YehButNoBut]

3 bids in for Hearts seemingly.

http://sport.stv.tv/football/clubs/h...adline-passes/

Administrators BDO have received three bids from potential buyers for Heart of Midlothian.

Joint administrators Bryan Jackson and Trevor Birch set Friday, July 12, as a deadline for interested parties to submit their proposals to buy Hearts.

The club, which is in debt to the tune of £25m, entered administration on June 19 and BDO will now assess the bids to establish which could deliver a CVA. Fan-backed Foundation of Hearts submitted their offer on Thursday, having gained monthly contributions from more than 5000 supporters of the Tynecastle side. STV understands the two bids received on Friday include one from an American-backed group and another unnamed bidder who has not previously been revealed in the media.

Mr Jackson said he would hold further discussions with bidder and the administrators of Ukio Bankas and was "unable to put timescale on announcing preferred bidder."

Hearts' ownership is complex, with insolvent bank Ukio Bankas having a claim to 29.9% of the company, plus Tynecastle Stadium. Ukio is owed £10m by Hearts.
Meanwhile the club's former holding company, UBIG, has 50% of the shareholding and is owed £10m. UBIG has declared insolvency in Lithuania but bankruptcy practitioners have yet to be appointed to the firm.

Until the insolvency process begins at UBIG, the assets are frozen and the 50% shareholding in Hearts cannot be obtained by BDO to sell as part of the CVA.
Meanwhile the capital club also announced season ticket sales had passed the 10,000 mark, having bought over 3,000 briefs in the past three weeks.

[The Falcon]

This quote is hidden because you are ignoring this member. Show Quote

Why would the Lithuanians accept a paltry offer when they can liquidate and sell the ground for more?

They shouldnt but we dont know if there have been any offers for the ground. They will probably take the best offer that is made.

[Springbank]

This quote is hidden because you are ignoring this member. Show Quote

They shouldnt but we dont know if there have been any offers for the ground. They will probably take the best offer that is made.

Has the ground as a piece of property (no hoofball club attached) been advertised yet?

[Sanger]

This quote is hidden because you are ignoring this member. Show Quote

They shouldnt but we dont know if there have been any offers for the ground. They will probably take the best offer that is made.

They can't really gauge that without going into liquidation although BDO's ads will have brought out some indications if that route will raise more the FOH and any other bids. That is what Ukio and UBIg will compare in weighing up their options. Any developer will bid significantly more real upfront than FOH or other bids but still be picking up a bargain.

[Gus Fring]

Hmmm. My source is still only aware of 2 bidsas of about 4:50. Either the third was very late or BDO are falsely inflating the number.

[joe breezy]

This quote is hidden because you are ignoring this member. Show Quote

They shouldnt but we dont know if there have been any offers for the ground. They will probably take the best offer that is made.

What knowledge or source is this based on? Why will they not get the best deal for creditors? As has been discussed before this is a different case to sevco

[YehButNoBut]

This quote is hidden because you are ignoring this member. Show Quote

Hmmm. My source is still only aware of 2 bidsas of about 4:50. Either the third was very late or BDO are falsely inflating the number.

States 3 bids on Hearts website also.

http://www.heartsfc.co.uk/articles/2...241384_3236194

[Keith_M]

Good news guys, BDO have just been in touch and the last minute hibs.net bid was the highest offer. We're now preferred bidders.



I TOLD you £3.75 and a bag of liquorice allsorts would be enough!

[Onion]

This quote is hidden because you are ignoring this member. Show Quote

Hmmm. My source is still only aware of 2 bidsas of about 4:50. Either the third was very late or BDO are falsely inflating the number.

Given the high esteem the Global population holds the Yams for doing the double in World Wars and single-handedly saving the whole of Scottish Football, it would have just been embarrassing if only ONE or even TWO bidders expressed an interest in saving this great institution. THREE sounds like a full house and allows DBO to continue their charade of the Yams being saveable.

Watch the surprise & mysterious bidders melt away once BDO are quizzed further and for FOH to become the front runner

[Leishy1995]

Sky sports reporting 3 bids

[Seveno]

This quote is hidden because you are ignoring this member. Show Quote

Good news guys, BDO have just been in touch and the last minute hibs.net bid was the highest offer. We're now preferred bidders.



I TOLD you £3.75 and a bag of liquorice allsorts would be enough!

Awww, you mean you have pledged our full resource of liquorice allsorts for that heap of s**t. That's the last time you get near the keys of the safe.

[Waxy]

So 1 is the FOH.
2 is club 9.
Who is bid 3 from?

Hmmmm mysterious

[Makaveli]

SSN saying Massone. Why don't Hearts just say?

[Dunderhall]

This quote is hidden because you are ignoring this member. Show Quote

They may well be as it appears that other interested parties are stepping aside with, I suspect, the view that then Hearts minded individuals will not be bidding against each other and hopefully the bidder will pick up the whole shooting match for the minimum outlay. Once the fuds have secured ownership then other interested parties will collude with the new (skint) owners as to how best to take it forward having shafted the Liths.

I suspect that is the cunning plan.

That would be a turnip for the books then.

Unless FoH have acquired more upfront capital then a big risk they may not be the preferred bid.

However it's just the opening round, it doesn't mean that any party can't up their bid at this stage after the initial assessment by BDO as far as I understand it.
Maybe they do have extra funds to call on.

Quite funny though if they succeeded and they ended up not as the majority shareholder after all this.

This quote is hidden because you are ignoring this member. Show Quote

So 1 is the FOH.
2 is club 9.
Who is bid 3 from?

Hmmmm mysterious

I heard the 3rd bid was the imperial war museum in London in recognition of their efforts in winning both WWs.
they plan to move the main stand down to London as part of their collection to help recind the "YAMs go home" talk from WWII.
no coincidence it's closed until 29th July, and new gallery space opens next year.

Maybe Donald Trump getting one over on Alex Salmond.

[brog]

This quote is hidden because you are ignoring this member. Show Quote

So 1 is the FOH.
2 is club 9.
Who is bid 3 from?

Hmmmm mysterious

If 1 bid is from club 9 that completely contradicts their assertion the other day that they were Yam fans & would leave a clear path for FoH. They probably saw the FoH bid & realised it was a complete farce with no chance of succeeding. If the 3rd bid is from Massone I can see the Liths pulling the plug sharpish!

[nribs]

This quote is hidden because you are ignoring this member. Show Quote

If 1 bid is from club 9 that completely contradicts their assertion the other day that they were Yam fans & would leave a clear path for FoH. They probably saw the FoH bid & realised it was a complete farce with no chance of succeeding. If the 3rd bid is from Massone I can see the Liths pulling the plug sharpish!

I thought Club 9 were the caravaner and Americans? I think it was the Scandinavians who pulled out as the didn't want to work against FOH?

[Dashing Bob S]

This quote is hidden because you are ignoring this member. Show Quote

3 bids in for Hearts seemingly.

http://sport.stv.tv/football/clubs/h...adline-passes/

Administrators BDO have received three bids from potential buyers for Heart of Midlothian.

Joint administrators Bryan Jackson and Trevor Birch set Friday, July 12, as a deadline for interested parties to submit their proposals to buy Hearts.

The club, which is in debt to the tune of £25m, entered administration on June 19 and BDO will now assess the bids to establish which could deliver a CVA. Fan-backed Foundation of Hearts submitted their offer on Thursday, having gained monthly contributions from more than 5000 supporters of the Tynecastle side. STV understands the two bids received on Friday include one from an American-backed group and another unnamed bidder who has not previously been revealed in the media.

Mr Jackson said he would hold further discussions with bidder and the administrators of Ukio Bankas and was "unable to put timescale on announcing preferred bidder."

Hearts' ownership is complex, with insolvent bank Ukio Bankas having a claim to 29.9% of the company, plus Tynecastle Stadium. Ukio is owed £10m by Hearts.
Meanwhile the club's former holding company, UBIG, has 50% of the shareholding and is owed £10m. UBIG has declared insolvency in Lithuania but bankruptcy practitioners have yet to be appointed to the firm.

Until the insolvency process begins at UBIG, the assets are frozen and the 50% shareholding in Hearts cannot be obtained by BDO to sell as part of the CVA.
Meanwhile the capital club also announced season ticket sales had passed the 10,000 mark, having bought over 3,000 briefs in the past three weeks.

This is crux of the matter. The rest is just piss and wind. Hearts are running out of time. What the Doncaster's of this world have to decide is: can they let them participate this season under these circumstances?

[SaulGoodman]

If it's Massone, surely FOH are the yams only hope?

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

If 1 bid is from club 9 that completely contradicts their assertion the other day that they were Yam fans & would leave a clear path for FoH. They probably saw the FoH bid & realised it was a complete farce with no chance of succeeding. If the 3rd bid is from Massone I can see the Liths pulling the plug sharpish!

It was the Scandinavian Jambos that withdrew.

Club 9 are the ones with Bob Jamieson. Initially reported as a NewCo proposal, but I'm not so sure now.

Bid 3 may be the one that I feared.... the late runner, under the radar, a la Charlie Green.

[brog]

This quote is hidden because you are ignoring this member. Show Quote

I thought Club 9 were the caravaner and Americans? I think it was the Scandinavians who pulled out as the didn't want to work against FOH?

Sorry, it's all very complex! You may be correct but I thought Peebles Boaby had also said something along the lines of working with FoH. This has been a great close season but ma heid is now officially nippin!