Share Transfers Agreed/Cooling off period

[Sergey]

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They get a vote in line with how much their debt exceeds the value if the assets the debt is secured on. So £20m (25 - 5) if the whole if HMFC and stadium worth £5m. That is they would be more than 75% of the vote.

It's not that simple an equation.

Lithuanian insolvency/bankruptcy law is different to what we have here in the UK. UBIG's creditors are now embroiled in the HoMFC administration process. This isn't simply going to be a 'takeitorleaveit' by/to UBIG's administrators. There's a myriad of legal procedures to be undertaken in LT before any transfer of debt can take place....and I'm not talking weeks or months here.

[Hibs Class]

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Now that Hearts have won the first silverware of the season, in the form of the Administration Cup, I wonder if we can expect to see them immediately use the riches conferred and splash out on new players?

Have they melted down the trophy yet, or are they taking it straight to Cash Convertors?

[Fat Penlon]

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It's not that simple an equation.

Lithuanian insolvency/bankruptcy law is different to what we have here in the UK. UBIG's creditors are now embroiled in the HoMFC administration process. This isn't simply going to be a 'takeitorleaveit' by/to UBIG's administrators. There's a myriad of legal procedures to be undertaken in LT before any transfer of debt can take place....and I'm not talking weeks or months here.

If that's the case and I don't doubt you why are we even debating what might or could happen? If this is true their only option is newco as BDO won't have enough money to last the season.

[VickMackie]

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I noticed there was a bumper 4500 at the administration cip match today. After costs are deducted there won't be much left

How much were the tickets?

[Sergey]

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If that's the case and I don't doubt you why are we even debating what might or could happen? If this is true their only option is newco as BDO won't have enough money to last the season.

BDO have admitted that ownership of the shares and their transfer is somewhat complicated, that in itself should set the alarm bells ringing.

My personal feeling is that BDO won't be in a position to progress the preferred bidder into buyer status as there's way too much financial baggage between Ukio/UBIG/Goncaruk to conclude a deal in the foreseeable.

I'll put my head on the block and say that insolvency of HoMFC is inevitable.

[Col2]

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BDO have admitted that ownership of the shares and their transfer is somewhat complicated, that in itself should set the alarm bells ringing.

My personal feeling is that BDO won't be in a position to progress the preferred bidder into buyer status as there's way too much financial baggage between Ukio/UBIG/Goncaruk to conclude a deal in the foreseeable.

I'll put my head on the block and say that insolvency of HoMFC is inevitable.

It's beginning to look that way. Comedy bids and bidders, no white knights, confusion / delay on UBIG shares, 3 bids confirmed flat out as not acceptable, yams run out of money in 2 months time, BDO probably starting to put more pressure on where there fees coming from and when (taxi meter still running and running).

[SmashinGlass]

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BDO have admitted that ownership of the shares and their transfer is somewhat complicated, that in itself should set the alarm bells ringing.

My personal feeling is that BDO won't be in a position to progress the preferred bidder into buyer status as there's way too much financial baggage between Ukio/UBIG/Goncaruk to conclude a deal in the foreseeable.

I'll put my head on the block and say that insolvency of HoMFC is inevitable.

Bath of beans?

[brog]

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BDO have admitted that ownership of the shares and their transfer is somewhat complicated, that in itself should set the alarm bells ringing.

My personal feeling is that BDO won't be in a position to progress the preferred bidder into buyer status as there's way too much financial baggage between Ukio/UBIG/Goncaruk to conclude a deal in the foreseeable.

I'll put my head on the block and say that insolvency of HoMFC is inevitable.

Hey G, I said much the same earlier today. Basically said BDO were working through admin for dummies now but they have no idea how to circumvent that great big Russian submarine lying in their way! I think they're just keeping busy without any realistic hope of any resolution in the near future. They've stopped the patient bleeding but have no idea how to get him back on his feet. Nice!

[Dunderhall]

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How much were the tickets?

£10 adults and £5 for concessions.

[HUTCHYHIBBY]

We must be getting close to the stage where The Jambo's get a DNR notice slapped on their hospital chart.

[Sergey]

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Hey G, I said much the same earlier today. Basically said BDO were working through admin for dummies now but they have no idea how to circumvent that great big Russian submarine lying in their way! I think they're just keeping busy without any realistic hope of any resolution in the near future. They've stopped the patient bleeding but have no idea how to get him back on his feet. Nice!

You've read what I've posted on the PM forum in recent months and that's from a contact that knows the score. BDO aren't in any sort of position to circumvent their way around the laws of Lithuania to suit Los Yambolinos and their motley bunch of muppets. The laws of the land are the laws of the land. This charade is simply that.

[blackpoolhibs]

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You've read what I've posted on the PM forum in recent months and that's from a contact that knows the score. BDO aren't in any sort of position to circumvent their way around the laws of Lithuania to suit Los Yambolinos and their motley bunch of muppets. The laws of the land are the laws of the land. This charade is simply that.

Keep talking G, i'm nearly there.

[johnrebus]

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Keep talking G, i'm nearly there.

****!

Too late over here.

Ach well. a J cloth and some hot water should do the trick.

[green is good]

The Evening News mentions a £2m funding gap while talking about the lack of working capital with Massone's bid. What does that mean for the FOH bid with £3.75m and Cloud 9 bid with £3.2m working capital to cover three years? Will this season swallow up £2m leaving FOH with £1.75m and Cloud 9 £1.2m to cover the following two seasons?

[Sergey]

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The Evening News mentions a £2m funding gap while talking about the lack of working capital with Massone's bid. What does that mean for the FOH bid with £3.75m and Cloud 9 bid with £3.2m working capital to cover three years? Will this season swallow up £2m leaving FOH with £1.75m and Cloud 9 £1.2m to cover the following two seasons?

Don't worry yourself in juggling the figures as it's now a paradoxical situation and they're well and truly stymied.

Sit back and relax. Let Johnny Yam try to work it out.

[IWasThere2016]

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BDO have admitted that ownership of the shares and their transfer is somewhat complicated, that in itself should set the alarm bells ringing.

My personal feeling is that BDO won't be in a position to progress the preferred bidder into buyer status as there's way too much financial baggage between Ukio/UBIG/Goncaruk to conclude a deal in the foreseeable.

I'll put my head on the block and say that insolvency of HoMFC is inevitable.

I'd lay my head beside you Sergey - I do not see anyother way out for them.

[HUTCHYHIBBY]

Was sitting outside Alexander Graham Bells yesterday listening to a table full of Yams discussing their situation. Its unbelievable how ignorant of the facts that lot are. It was as if the current UKIO/UBIG situation doesn't exist. They are in for a rude awakening soon methinks.

[PapillonVert]

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The Evening News mentions a £2m funding gap while talking about the lack of working capital with Massone's bid. What does that mean for the FOH bid with £3.75m and Cloud 9 bid with £3.2m working capital to cover three years? Will this season swallow up £2m leaving FOH with £1.75m and Cloud 9 £1.2m to cover the following two seasons?

My non-financial-expert reading is that Massone wants to give the Lithuanians some cash to get his hands on the assets. Absence of working capital suggests he might not be interested in taking on HMFC as a business venture but merely wants to have the physical assets at this point. The other two need to keep some money back to keep the football business going - somehow.

Massone could acquire the assets, sell/give the football club to anyone interested whilst still having the physical assets either to rent to Newco HMFC whilst he gets planning permission to develop the site and then says "mille grazie" but "arriverderci" to HMFC for doing the business.

[Dashing Bob S]

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Don't worry yourself in juggling the figures as it's now a paradoxical situation and they're well and truly stymied.

Sit back and relax. Let Johnny Yam try to work it out.

Capital advice, Sergey!

[Waxy]

Plain to see there is only one bidder with their best interests.
Pity for them the bids no where near enough.
Bye bye jam tarts.

[Sanger]

What the bidders are willing to pay for HMFC that counts. For FOH and Bob that''s £1.8 million which is obviously way below what Tynie would fetch if sold to a property developer. These are no goes.

It comes to what Massone and crew offer upfront which ranges from £4 to £5 million. BDO operating on behalf of creditors so don't care about working capital. Question is do they really have the money to put on table now? From Massone's past record the answer is no. But if he did BDO could sell all assets of current HMFC to a newco with Massone paying for them. The money is held in trust until Lithuanian situation is untangled. I think the SPfL would view this as a technical necessity to untangle HMFC from the Lithuanian knot and keep newco in top league. But very quickly newco would run into funding issues and liquidation follows.

More likely scenario is that Massone does produce the money or has too many conditions attached and Ukio Bankas having rejected CVA - see my earlier posts why I believe they will have more than 75% of vote - and liquidation then happens.

[greenginger]

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You've read what I've posted on the PM forum in recent months and that's from a contact that knows the score. BDO aren't in any sort of position to circumvent their way around the laws of Lithuania to suit Los Yambolinos and their motley bunch of muppets. The laws of the land are the laws of the land. This charade is simply that.

Sergey, would it be worth dropping a note to your Lithuanian contact and let her know the derisory offers that have been made ( according to AllisBarry ) for the purchase of 7 acres of City Center real estate presently occupied by a worthless football team.

Tell her no attempt has been made to properly value the land and the sole concern of the Club's administrator seems to be to make sure the football club is OK and the tax payers of Lithuania can go and do one.

If she can get it out in the media over there perhaps some pressure can be applied to prevent a football club rip-off similar to last years asset sale scandal in Govan.

[Jack Hackett]

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Sergey, would it be worth dropping a note to your Lithuanian contact and let her know the derisory offers that have been made ( according to AllisBarry ) for the purchase of 7 acres of City Center real estate presently occupied by a worthless football team.

Tell her no attempt has been made to properly value the land and the sole concern of the Club's administrator seems to be to make sure the football club is OK and the tax payers of Lithuania can go and do one.

If she can get it out in the media over there perhaps some pressure can be applied to prevent a football club rip-off similar to last years asset sale scandal in Govan.

Good plan. It's about time that Ukio's customers /investors were made aware of what these slimey ******s are trying to pull off

[greenginger]

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What the bidders are willing to pay for HMFC that counts. For FOH and Bob that''s £1.8 million which is obviously way below what Tynie would fetch if sold to a property developer. These are no goes.

It comes to what Massone and crew offer upfront which ranges from £4 to £5 million. BDO operating on behalf of creditors so don't care about working capital. Question is do they really have the money to put on table now? From Massone's past record the answer is no. But if he did BDO could sell all assets of current HMFC to a newco with Massone paying for them. The money is held in trust until Lithuanian situation is untangled. I think the SPfL would view this as a technical necessity to untangle HMFC from the Lithuanian knot and keep newco in top league. But very quickly newco would run into funding issues and liquidation follows.

More likely scenario is that Massone does produce the money or has too many conditions attached and Ukio Bankas having rejected CVA - see my earlier posts why I believe they will have more than 75% of vote - and liquidation then happens.

I don't think BDO could sell any of HOMFC's secured assets without approval of the Lith. Admin.

[hibby67]

This is my first post on the whole situation ..I have been enjoying the daily updates and having a good laugh to myself reading about what the yams think will happen compared to the what will happen in reality....

But here is a question if they go down the liquidation and newco route the only real asset they have is the brand name or licence but who owns that ......
If say its UBIG how can that be sold if all assets are frozen ...
And where would that leave a newco trying to gain membership of the SPFL or div3

[Sergey]

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What the bidders are willing to pay for HMFC that counts. For FOH and Bob that''s £1.8 million which is obviously way below what Tynie would fetch if sold to a property developer. These are no goes.


It comes to what Massone and crew offer upfront which ranges from £4 to £5 million. BDO operating on behalf of creditors so don't care about working capital. Question is do they really have the money to put on table now? From Massone's past record the answer is no. But if he did BDO could sell all assets of current HMFC to a newco with Massone paying for them. The money is held in trust until Lithuanian situation is untangled. I think the SPfL would view this as a technical necessity to untangle HMFC from the Lithuanian knot and keep newco in top league. But very quickly newco would run into funding issues and liquidation follows.

More likely scenario is that Massone does produce the money or has too many conditions attached and Ukio Bankas having rejected CVA- see my earlier posts why I believe they will have more than 75% of vote - and liquidation then happens.

Do BDO have the assets to sell?

NO!

END - OF - STORY.

[ano hibby]

Big leap but assume Massone is preferred bidder & Liths accept. If it is then decided (SPFL?) that he is not fit & proper person...what happens next?

[cabbageandribs1875]

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Big leap but assume Massone is preferred bidder & Liths accept. If it is then decided (SPFL?) that he is not fit & proper person...what happens next?

after his antics at livi i can't see how it's possible for him to pass any 'fit & proper' p@sh, even by the halfwits that run the game in this country(the ones that make up new rules as and when any problem pops up) said it before and i'l say it again....liquidate the manky maroons

[s.a.m]

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Big leap but assume Massone is preferred bidder & Liths accept. If it is then decided (SPFL?) that he is not fit & proper person...what happens next?

I've been wondering about this myself. As others have said, it's the Clubs' responsibility to ensure that their people* are 'fit and proper', with penalties for Clubs who don't. Last year (which feels like an awfy long time ago, on our football finance degree course....), Rangers - I think, rather than the miscreant himself - were fined because of Craig Whyte's bankruptcy record. Does anyone know if Massone has a financial history that rules him out - I don't remember the ins and outs of the Livingston situation, other than he left a disaster behind him? If so, could he get round the problem by not being an office-bearer?

[JDHibs]

Who cares about the specifics...there ****ed