Share Transfers Agreed/Cooling off period

[haagsehibby]

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BDO: Hi Ian, what proof can you provide of the funds you claim to have behind your bid?

IM(MP): This is no longer a bid, it's a movement...

BDO: Right you are, about the proof of funds though...

IM(MP): ... the largest movement in Scottish football history.

Yam chorus: Big Teams do Big Movements. We won the war. 5-1 (not the Dinamo result you choob), 1902.

BDO: *sigh*

To be fair Tynecastle is a very big movement

[Dashing Bob S]

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Agree ultimately the Lith government is pulling all the strings of Ukio/UBIG having had to borrow £200 million to make the depositors of Ukio whole. They want to find out if Massone's crew have real money that they can put on the table now. If not then I think it's straight to liquidation where they can pick up £4 to £5 million minimum from a property developer. Lith government's aim is to minimise final bill to economy and tax payer for saving Ukio's depositors. As I have calculated before on this thread Romanov's HMFC adventure has cost Lithuania in region of £65 million. £2 mill from FOH or happy Bob is not going to cut it with them.

Yes, this seems to be the way its heading, provided the legal/criminal stuff in Lithland doesn't muddy the waters further and freeze things up. What's your gut feeling about the timeframe? Do you see Hearts in liquidation before the start of the new season?

[Sanger]

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Yes, this seems to be the way its heading, provided the legal/criminal stuff in Lithland doesn't muddy the waters further and freeze things up. What's your gut feeling about the timeframe? Do you see Hearts in liquidation before the start of the new season?

Looks as if will coincide with the start of the season. One wonders if the SPFL are on top of the situation. Surely they must have a deadline if the end of next week to kick the cheats out.

Not having the official UBIG admin in place might delay to the season is underway although I read on the thread 24th of July for that appointment. Maybe those closer to the ground in Lith might know a more definitive date.

[greenginger]

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Not having the official UBIG admin in place might delay to the season is underway although I read on the thread 24th of July for that appointment. Maybe those closer to the ground in Lith might know a more definitive date.

24th of July is a date set for the Kaunas Court to consider a written submission without the parties being present. Also mentioned UBIG had failed to respond.

Did'nt sound like there would be any Admin. appointed by the Court that day, but who knows.

[Gus Fring]

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Looks as if will coincide with the start of the season. One wonders if the SPFL are on top of the situation. Surely they must have a deadline if the end of next week to kick the cheats out.

They are. They can't just kick them out though. Not yet anyway. The process must be followed.

[jgl07]

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Not having the official UBIG admin in place might delay to the season is underway although I read on the thread 24th of July for that appointment. Maybe those closer to the ground in Lith might know a more definitive date.

Will the SPFL allow Hearts to start the season if liquidation is imminent.

BDO have admitted that the money will run out by Christmas. The disruption that Hearts going pop mid season would create would be catastrophic for the SPFL for both sponsors and TV coverage. It would mean one one team sitting out each round of fixtures.

I would have thought that unless there are some cast iron assurances that Hearts can complete the season, the SPFL would find an excuse to punt them and bring in Morton.

[Gus Fring]

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Will the SPFL allow Hearts to start the season if liquidation is imminent.

BDO have admitted that the money will run out by Christmas. The disruption that Hearts going pop mid season would create would be catastrophic for the SPFL for both sponsors and TV coverage. It would mean one one team sitting out each round of fixtures.

I would have thought that unless there are some cast iron assurances that Hearts can complete the season, the SPFL would find an excuse to punt them and bring in Morton.

This is exactly why BDO are getting a shift on with regards to getting bids in and confirming that the money is there.

[nribs]

Im not going to pretend I have a scoobie as to what's going on re Hearts admin as it's all very complex :)
But what would happen if Hearts started the seasom in Administration and the best deal was for HOMFC and Tynecastle to be sold separately.The buyer of Tynecastle does not want a football team plsying there and therefore would not rent the ground back making Hearts homeless?
Should Hearts really be allowed to start the new campaign inthe SPFL with so many potential pitfalls? ?

[Geo_1875]

I know we heard that the SFA hearing was delayed to 1st August for whatever reason but is it possible that the SFA know that the hearing may not need to be held because hertz are about to implode spectacularly?

[FranckSuzy]

I am currently enjoying a 'staycation' and making the most of the glorious weather. I have to say that reading this thread is the equivalent of picking up the latest bestseller at the airport and not being able to put it down all holiday :) #allisbalmy

[Kato]

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hertz are about to implode spectacularly?

There's two ways that could pan out. Once the spectacular implosion happens there could also be an explosion (every action has a reaction) so there may well be debris; gunk, turd, asbestos, light bulb (singular) shrapnel, pish splashed training gear etc could fly into the air causing injury not to say disgust. A clean spectacular implosion where everything folds in all upon itself finishing in a final pink ping of nothingness, like what happens in the movie Poltergeist, would be something I would pay money to watch. In fact you could build a stand (novel in that area) and sell tickets to see that.

[Pete]

I'd sort of forgotten about all of this hearts stuff. I guess that's what happens when your club has other things, like important football matches, to consider.

I've heard there's a telethon in the pipeline.

[FranckSuzy]

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there's two ways that could pan out. Once the spectacular implosion happens there could also be an explosion (every action has a reaction) so there may well be debris; gunk, turd, asbestos, light bulb (singular) shrapnel, pish splashed training gear etc could fly into the air causing injury not to say disgust. A clean spectacular implosion where everything folds in all upon itself finishing in a final pink ping of nothingness, like what happens in the movie poltergeist, would be something i would pay money to watch. In fact you could build a stand (novel in that area) and sell
tickets to see that.

lol! 10/10

[Kato]

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I've heard there's a telethon in the pipeline.

Yeah, I heard that. All the Celebs they photographed making their 1-5 sign have been contracted to appear (except The Hoff who can't be contacted and Holly Willoughby who's actually a Hibby). Delia Smith will be exhibiting her "perfect sponge" with a group of ex-players attempting to follow her every move. Should be great telly, ideal for STV.

[CropleyWasGod]

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I'd sort of forgotten about all of this hearts stuff. I guess that's what happens when your club has other things, like important football matches, to consider.

I've heard there's a telethon in the pipeline.

You heard wrong.

It's a movement blocking the pipes.

[Kato]

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It's a movement blocking the pipes.

Event: There's turd blocking the Tynecastle plumbing.

AllisBarry: There's a telethon in the pipeline, Tynecastle saved!!!

(the above is still less bizzare than being allowed to get your sums wrong to the tune of £925,000 in a newspaper article and still be allowed employment )

[lapsedhibee]

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Event: There's turd blocking the Tynecastle plumbing.

AllisBarry: There's a telethon in the pipeline, Tynecastle saved!!!

(the above is still less bizzare than being allowed to get your sums wrong to the tune of £925,000 in a newspaper article and still be allowed employment )

[poolman]

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Yes, this seems to be the way its heading, provided the legal/criminal stuff in Lithland doesn't muddy the waters further and freeze things up. What's your gut feeling about the timeframe? Do you see Hearts in liquidation before the start of the new season?

I'm not to sure DBS

I'm more concerned when Hertz come out of admin debt free with a new ground and highly competent boardroom and back to owning us on the park

[The Green Goblin]

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There's two ways that could pan out. Once the spectacular implosion happens there could also be an explosion (every action has a reaction) so there may well be debris; gunk, turd, asbestos, light bulb (singular) shrapnel, pish splashed training gear etc could fly into the air causing injury not to say disgust. A clean spectacular implosion where everything folds in all upon itself finishing in a final pink ping of nothingness, like what happens in the movie Poltergeist, would be something I would pay money to watch. In fact you could build a stand (novel in that area) and sell tickets to see that.

[green is good]

Since BDO have told the bidders to show them the colour of their money I'm going to predict that the colour will be copper.

[CropleyWasGod]

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Did the bidders for the Rangers assets have to provide proof of funding this quickly? Does this indicate that one of the bids is acceptable? If someone offered me a pound for my house I would not bother to ask for proof that he has the pound before telling him to GTF.
This admin seems to be proceeding a fair speed. If, as BDO say, they have enough funding till Xmas then where is the time pressure coming from? The SPFL?

The speed is indicative of 3 things, IMO.

1. as you say, pressure from the authorities.

2. the recognition, from the start, that there is little mileage in a long drawn-out CVA process. It is very different from the RFC scenario in that respect.

3. BDO are, arguably, better suited to this situation than D&P were to RFC's.

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Im not going to pretend I have a scoobie as to what's going on re Hearts admin as it's all very complex :)
But what would happen if Hearts started the seasom in Administration and the best deal was for HOMFC and Tynecastle to be sold separately.The buyer of Tynecastle does not want a football team plsying there and therefore would not rent the ground back making Hearts homeless?
Should Hearts really be allowed to start the new campaign inthe SPFL with so many potential pitfalls? ?

That scenario has been suggested before, and it is a possibility.

It would still come back to the SPFL getting assurances from "somebody" that the season's fixtures will be fulfilled. If that's in the form of a bond, that would create a very difficult financial hurdle.

[Col2]

Forest back in for Holt. £150k according to reports.

Not sure if its been accepted.

[Sergey]

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if you read up all the detailed analysis - particularly- of Ukio Bankas's problems which I tracked long before they went into administration as the share price plummeted Ukio Bankas problems were down to a whole series of speculative investments that Romanov made through UBIG funded by loans from Ukio Bankas. It is these loans that caused Ukio Bankas to be closed down and made bankrupt. I have posted links and copied reports on this from Bloomberg to this thread over several months.

As I pointed out UBIG is a shell company that Romanov used to wash through loans from Ukio Bankas. That is why it and its directors disappeared into thin air and why Ukio took security of Tynie and HMFC shares as it transferred loans from UBIG to HMFC.

I am not making things up but purely making the logical connection that if Ukio's losses and bankruptcy are down to Romanov's dangerous speculative loans which went through UBIG then UBIG will be Ukios's main debtor. Ukio's administrator will effectively control UBIG. If you are dealing with UBIG's administrator you will be effectively dealing with Ukio's administrator as it lays claim to what is left of value of UBIG's assets.

this logic is much more believable than your assertions to me in private messages that HMFC fate will be decided by Lithuanian law when you have urged me to join the private message board. This is clearly wrong as I have pointed out EU regulation decrees that it is laws of the country that the insolvent company does its business that prevails. That is the UK and Scotland.

Your assertions in another private message that your inside knowledge and contacts in Lithuania you have used to feed journalists in UK is laughable given how far off the pace they have been since Ukio Bankas share price ran into trouble last year all the way to where we are now.


i will continue to post on the public boards sharing my analysis and opinions with all fellow fans on Hibs net using my 20 year plus experience in financial analysis. I suggest you do likewise and put your private contributions up to be shared with us all for critical analysis.

A million thanks for your résumé on the Ukio/UBIG situation - but do yourself a favour, there's really no need to waste time in spelling it out to me. I honestly don't need a tutorial on the subject. I'll also let you off with mentioning my PM's in public as it's really not worth the bother, in fact, why not cut-and-paste them into this thread so all can see? A courteous reply of acknowledgement would have been the decent thing to do.

I'm smug in the fact that you changed your posting stance within a few hours as to the UBIG insolvency practitioner (as I pointed out in my previous reply to you when I highlighted your posts). You seem to want both sides of the argument, insomuch that the Ukio admin will and won't be the UBIG admin...or won't after I pointed out the LT legal side.

I don't doubt that you have some sort of knowledge in this field, but don't try to take the high ground when you arrive at the party when the slow tunes are starting up. Some of us have been at it from the off.

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Agree ultimately the Lith government is pulling all the strings of Ukio/UBIG having had to borrow £200 million to make the depositors of Ukio whole. They want to find out if Massone's crew have real money that they can put on the table now. If not then I think it's straight to liquidation where they can pick up £4 to £5 million minimum from a property developer. Lith government's aim is to minimise final bill to economy and tax payer for saving Ukio's depositors. As I have calculated before on this thread Romanov's HMFC adventure has cost Lithuania in region of £65 million. £2 mill from FOH or happy Bob is not going to cut it with them.

And just to dispel any theory you might have that I've something against you - I actually agree wholeheartedly with this post.

[PapillonVert]

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And just to dispel any theory you might have that I've something against you - I actually agree wholeheartedly with this post.

Phew! Two of my favourite, must-read and most informative/informed Hibbies on this thread agree!

Hold the smelling salts, nurse, I am feeling so much better all of a sudden.

[Dunderhall]

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Since BDO have told the bidders to show them the colour of their money I'm going to predict that the colour will be copper.

Allverycomplex, not just copper.
I expect a mixture of:

AE5122B7-365F-4A28-AA3B-5A3530E79362-45396-0000528C36E7AD20_zps96c9d2cf.jpg

3C3410FC-233C-46AF-B7DE-1280A59E06EF-45396-0000528C2C019A40_zps7403e766.jpg

827B948F-D25A-41FE-976E-0FCE54E01576-45396-0000528C1F94396D_zps13fa7fbe.jpg

[Treadstone]

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3. BDO are, arguably, better suited to this situation than D&P were to RFC's.

Whatever anyone thinks of D&P, in private I have no doubt its all high fives and back slapping on a 'job' well done.

[CropleyWasGod]

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Whatever anyone thinks of D&P, in private I have no doubt its all high fives and back slapping on a 'job' well done.

Thus far, I would agree with you. In terms of what they set out to do, it was a qualified success, although I'm sure they (and RFC Oldco) would have preferred a CVA.

However, that's "thus far". BDO's report on the conduct of the administration might paint a different picture.

[RyeSloan]

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Thus far, I would agree with you. In terms of what they set out to do, it was a qualified success, although I'm sure they (and RFC Oldco) would have preferred a CVA.

However, that's "thus far". BDO's report on the conduct of the administration might paint a different picture.

Do you think we will ever get a fair critique of the farce that was D&P?

[Dashing Bob S]

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Allverycomplex, not just copper.
I expect a mixture of:

AE5122B7-365F-4A28-AA3B-5A3530E79362-45396-0000528C36E7AD20_zps96c9d2cf.jpg

3C3410FC-233C-46AF-B7DE-1280A59E06EF-45396-0000528C2C019A40_zps7403e766.jpg

827B948F-D25A-41FE-976E-0FCE54E01576-45396-0000528C1F94396D_zps13fa7fbe.jpg

I'm hoping by this time next week the 'complexity' of the situation will be relieved by the utter simplicity of 'they no longer exist.'

[AndyM_1875]

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Whatever anyone thinks of D&P, in private I have no doubt its all high fives and back slapping on a 'job' well done.

Well d&P got paid handsomely despite all the rubbish and agendas thrown at them, they would have been glad to get the hell out of there i would reckon. As for Rangers, they were humiliated but emerged full of grievance and paranoia, a smokescreen for the fact that they essentially shed £ millions in debts and humped their creditors, yet they still play at Ibrox and train at Murray Park...

Will Hearts do the same? Doubtful. Very doubtful. Rangers problems were essentially dealt with and sorted over a close season so there was a continuation that the league could work around. Hearts are much more shambolic and the likelihood is they will start the season and then implode further down the line. And unlike Rangers they don't have a worldwide fanbase nor are they a "big club". Hearts are just a bunch of idiots who got well out of their depth big style but by going bust during the season they will actually do more damage to the League than Rangers ever did.