Share Transfers Agreed/Cooling off period

[Part/Time Supporter]

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What did he do that was so bad at livi? Will he pass the fit and proper person to own a club test?

http://www.scotsman.com/the-scotsman...ters-1-2642387

The lawyer purchased a 76 per cent majority shareholding in Livingston for one pound from Pearse Flynn in 2008 and presided over the most tumultuous period in the club’s short history. Livingston were placed in administration due to unpaid debts to West Lothian Council, from whom they rent Almondvale, in July 2009, following months of turmoil and embarrassment, including electricity being cut off to the club due to arrears due to their power company.

After initially refusing to sell his shares in the club – despite furious protests from fans – Massone ultimately accepted an offer of £50,000 for his stake. Livingston, who narrowly survived the ordeal, were forced to begin life in the Third Division.

http://www.westlothiancourier.co.uk/...2405-25954307/

FORMER Livingston chairman Angelo Massone has distanced himself from any blame in potentially costing the Lions a £1million-plus windfall from sought-after ex-Almondvale ace Graham Dorrans. The controversial Italian is known to have cashed in an agreed 20-per-cent sell-on clause for Scotland star Dorrans for a one-off payment of £50,000 from West Bromwich Albion. And with Barclays Premier League big-spenders Manchester City heading a host of clubs pondering a £6m bid for the 22-year-old, Massone’s actions could end up denying the Lions a whopping £1.2m windfall.

(NB Dorrans is still at West Brom)

http://bleacherreport.com/articles/1...are-in-trouble

livingston1Livingston chairman Angelo Massone has finally came out and told the truth for once in the ongoing financial wrangle at the Almondvale club. Despite stating for months that everything was rosy at the club, and that they were in discussions to purchase the stadium from the council, Massone has now warned fans that the club could face administration as early as next week.

The Italian made the claim at a stormy open meeting on Thursday night attended by around 200 fans, who were looking for reassurances on the future of the cash-strapped club, but instead Massone finally came clean and told them that to survive the club must sell around 300 season tickets or face administration next week.

Massone, is battling to find cash to keep the club afloat, made an urgent plea for support from fans and the local business community to help now or risk losing the club altogether. However, there is growing resentment at the way the club is run. Wages are regularly paid late, angry creditors are chasing money and the controversy culminated in the suspension of boss Paul Hegarty and No.2 Graeme Robertson.

Season-ticket sales for the 2009-10 campaign have been slow and for those who have purchased books it is believed a staged payment facility has been removed as the club needs the money now. The Livi For Life Supporters Trust, who have campaigned for a community-based rescue plan in the event of administration, were planning to meet with Massone late yesterday to seek a way out of the troubles.

Massone said, “We are working to resolve the problems of the club.”

Livi’s Italian consortium are battling massive debts and sold Dave Mackay and Murray Davidson to St. Johnstone last week for only £45,000 just to ease their plight. A bill of around £280,000 is thought to be outstanding to West Lothian Council for unpaid rent, while a host of other creditors still await payment.

The SFL and SFA are investigating the suspensions of Hegarty and Robertson, who supported players in the row over wage delays. Players are due to be paid next week while backroom staff are still waiting for April wages.

The club’s only saleable asset appears to be Scotland B striker Leigh Griffiths. However, a six-figure bid for the teenager from Dundee has been rejected.

[Geo_1875]

Massone sounds like our preferred bidder.

[greenginger]

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A lawyer. Think the Liths will take the £5m on offer from him. Their torture will continue!

Where would his funding come from ? Does he own a Bank

[Hibbyradge]

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A lawyer. Think the Liths will take the £5m on offer from him. Their torture will continue!

I think I preferred "wait by the river bank and you will see the bodies of your enemy float by"

[HibeeMG]

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http://www.scotsman.com/the-scotsman...ters-1-2642387

... After initially refusing to sell his shares in the club – despite furious protests from fans


http://bleacherreport.com/articles/1...are-in-trouble

... The Italian made the claim at a stormy open meeting on Thursday night attended by around 200 fans, who were looking for reassurances on the future of the cash-strapped club, but instead Massone finally came clean and told them that to survive the club must sell around 300 season tickets or face administration next week.

Massone, is battling to find cash to keep the club afloat, made an urgent plea for support from fans and the local business community to help now or risk losing the club altogether. However, there is growing resentment at the way the club is run.

And there's the crux of the matter. If he goes in there and starts messing about a la Livingston, there won't be any stormy meetings, there won't be any growing resentment and there certainly won't be any furious protests from the fans.

Which is probably the reason why he's made a bid.

[Sanger]

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I think I preferred "wait by the river bank and you will see the bodies of your enemy float by"

If has access to the money through his 5 stars group and after all £5m is nothing but loose change to the Mafia if they wish to wash it through the financial system and make a small profit the Liths will bite his hand off and the next episode of the Yams soap opera will start. I fancy it will be even more bizarre than the Romanov era albeit a tad shorter!

[s.a.m]

If this is going to take a while (with BDO talking about around a month for preferred bidder to be identified), and FOH were to be the Chosen Ones, then it will be closer to Christmas when the DDs start to take effect. Which may test their loyalty.

[HibeeMG]

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If has access to the money through his 5 stars group and after all £5m is nothing but loose change to the Mafia if they wish to wash it through the financial system and make a small profit the Liths will bite his hand off and the next episode of the Yams soap opera will start. I fancy it will be even more bizarre than the Romanov era albeit a tad shorter!

Just for clarity, what exactly would that £5m get them? The club and stadium or just the club?

[CropleyWasGod]

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A lawyer. Think the Liths will take the £5m on offer from him. Their torture will continue!

Are you sure about the bid being £5m?

[Sanger]

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Are you sure about the bid being £5m?

That is the figure being quoted in the Record and bid last November was £4.5m. Whether they actually have the funds is another question?

[Geo_1875]

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I think I preferred "wait by the river bank and you will see the bodies of your enemy float by"

I can't get Beefheart singing "Flies all green and buzzing inthis dungeon of despair..." out of my head. Never thought of it a a feelgood song :)

[BarneyK]

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If has access to the money through his 5 stars group and after all £5m is nothing but loose change to the Mafia if they wish to wash it through the financial system and make a small profit the Liths will bite his hand off and the next episode of the Yams soap opera will start. I fancy it will be even more bizarre than the Romanov era albeit a tad shorter!

Surely if the Massone bid is £5 miliion then that doesn't mean the Liths will be getting £5 million? Do you not have to take into account the other creditors and BDO? Plus the Lithuanian side is two separate (albeit connected) debts?

[Eyrie]

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Just for clarity, what exactly would that £5m get them? The club and stadium or just the club?

It would be both. The club on its own has no value other than its place in the SPL. Even that isn't worth much, as if they were removed from the top flight then they would be re-admitted to Division 3 following the Sevco Huns precedent.

[CropleyWasGod]

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That is the figure being quoted in the Record and bid last November was £4.5m. Whether they actually have the funds is another question?

I'd believe Hibs.net's sources before the MSM

[Sanger]

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Just for clarity, what exactly would that £5m get them? The club and stadium or just the club?

I think it will be the lot. If liquidated the only thing of worth is the stadium as the players can walk away from their contracts. But may need a newco as I described before because of tangled webbin Lithuanian.

[HibeeMG]

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It would be both. The club on its own has no value other than its place in the SPL. Even that isn't worth much, as if they were removed from the top flight then they would be re-admitted to Division 3 following the Sevco Huns precedent.

In that case, I'd be surprised if the Liths accepted £5m as Desantos says (although he does know more about this stuff than me!).

Going by hardline stance that folks such as Sergey say the Liths are going to take on all dodgy financial matters, they would be stupid to accept a figure that is below what they would get by breaking up the assets.

[brog]

BJ's immediate reaction was that none of the bids were acceptable. He then went on to qualify that this was not unusual & all bids required further work & clarification before proceeding. I'm sure this is true but I'm also sure, from the speed with which he answered, that none of the bids currently measure up financially. We don't know full extent of Yam debts but I would hazard a guess that HMRC alone will be in region of £1mm to £1.5mm. I'm not sure they (& Liths ) will be happy to settle for 10p in £ having bent over backwards to keep Yams afloat.

[The Falcon]

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A lawyer. Think the Liths will take the £5m on offer from him. Their torture will continue!

So no liquidation then?

[Hibs07p]

According to Barry, in this mornings EEN.

FOH bid £2M and £3.75m working capital.
Caravan Bob £1.8M and £3.2M.
Massone £4M and £0.

If those figures are accurate, only Massone's bid would come close to satisfying any CVA. By accepting any of the others, the creditors would be subsidising hearts operating costs this season.

GGTTH

[Geo_1875]

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According to Barry, in this mornings EEN.

FOH bid £2M and £3.75m working capital.
Caravan Bob £1.8M and £3.2M.
Massone £4M and £0.

GGTTH

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So Massone bid is the only one acceptable to the creditors and BDO

[God Petrie]

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According to Barry, in this mornings EEN.

FOH bid £2M and £3.75m working capital.
Caravan Bob £1.8M and £3.2M.
Massone £4M and £0.

If those figures are accurate, only Massone's bid would come close to satisfying any CVA. By accepting any of the others, the creditors would be subsidising hearts operating costs this season.

GGTTH

lol - goodbye hertz

[BarneyK]

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According to Barry, in this mornings EEN.

FOH bid £2M and £3.75m working capital.
Caravan Bob £1.8M and £3.2M.
Massone £4M and £0.

GGTTH

Aye they'll write off £25 million of debt and forget about their claim on Tynie for a CVA share of £2M right enough. How much did Duff and Duffer get for their handywork again? £2.7 million, wasn't it? http://news.stv.tv/west-central/1875...dministration/

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So Massone bid is the only one acceptable to the creditors and BDO

Who has said it's acceptable to the creditors?

[Jack]

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According to Barry, in this mornings EEN.

FOH bid £2M and £3.75m working capital.
Caravan Bob £1.8M and £3.2M.
Massone £4M and £0.

GGTTH

Whoo hooo! Barry is back!!!

Corset on to protect sides from splitting, currently doing face exercises to loosen up cheek muscles as they can ache a bit too.

Reality is now officially on hold!!!!!

COME ON BARRY WHAT'S NEXT?

[God Petrie]

Don't forget the administrators fees.

[The Falcon]

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So Massone bid is the only one acceptable to the creditors and BDO

Even then, what would it really get the creditors? Would it not all be taken by the secured creditors? If it was/is the case that it would all go to those who hold the securities the ordinary creditors would get Zip. And BDO's fees would then be deducted to boot. And what would happen to the cash at the bank?

[CropleyWasGod]

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Who has said it's acceptable to the creditors?

BJ answered the creditor question in one word.

NO.

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Even then, what would it really get the creditors? Would it not all be taken by the secured creditors? If it was/is the case that it would all go to those who hold the securities the ordinary creditors would get Zip. And BDO's fees would then be deducted to boot. And what would happen to the cash at the bank?

A bid would be structured as:-

xp/£ for the secured creditors.

yp/£ for the unsecured.

£z for the admin fees.

[BarneyK]

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BJ answered the creditor question in one word.

NO.

Precisely. So unless things change, I guess what we realistically are looking at is Tynie being sold and them going the way of a YamCo?

[Leithenhibby]

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So Massone bid is the only one acceptable to the creditors and BDO

Nobody has said that..... In fact, all bids are NOT acceptable at this stage

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Who has said it's acceptable to the creditors?

This will run, and run methinks

[The Falcon]

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A bid would be structured as:-

xp/£ for the secured creditors.

yp/£ for the unsecured.

£z for the admin fees.

Thanks.

I thought I was confused before. Might need Diazepam now.

[--------]

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I think I preferred "wait by the river bank and you will see the bodies of your enemy float by"

Ah, the ancient Chinese philosophy. Jambos are living in interesting times, are they not?


From my window I see the sunshine, I hear the the birdies singing in the trees. It's a beautiful day ...




The three prospective bidders. Massone's the one in the middle.