Share Transfers Agreed/Cooling off period

[BarneyK]

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http://www.bbc.co.uk/sport/0/football/23491885

BBC report it is UBIG that have knocked it back - the DR report it is Ukio. And the Beeb report makes no mention of the HMFC Ltd bid dropping out. Which all leads us all to Twitter posts like this one -

Andrew Jardine ‏@AndrewJardine3 2m
Apparently we only need another million on top of the original bid to agree a deal! This is more than manageable

It is, aye - if FOH give all their money to Massone...

[Geo_1875]

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http://www.bbc.co.uk/sport/0/football/23491885

I'm confused. Who are BDO speaking to? Who has rejected the offers? It mentions parent company UBIG but I thought the administrators of Ukio Bankas were dealing with this. Is this just a load of pish?

[Mikey]

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BBC report it is UBIG that have knocked it back - the DR report it is Ukio. And the Beeb report makes no mention of the HMFC Ltd bid dropping out. Which all leads us all to Twitter posts like this one -

Andrew Jardine ‏@AndrewJardine3 2m
Apparently we only need another million on top of the original bid to agree a deal! This is more than manageable

It is, aye - if FOH give all their money to Massone...

Yep, it's Massone that's £1m short. FOH's bid was nowhere near his.

[Geo_1875]

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By Brian McLauchlin



The above immediately makes this story doubtful.

He even looks like a hun.

[BarneyK]

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Yep, it's Massone that's £1m short. FOH's bid was nowhere near his.

I would guess this is the way we are headed - FOH and Massone joining forces - you would have an acceptable bid and working capital through the direct debits. Would this be agreeable to Massone though?

[Gus Fring]

To reiterate, Brian Mclauchlin hasn't got a clue what's happening. Please don't let the fact he is a BBC "journalist" convince you otherwise. He's been caught out fibbing almost as many times as Barry Anderson.

This article alone should provide enough proof of his tomfoolery. http://www.bbc.co.uk/sport/0/football/21820730

[PapillonVert]

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Is it possible the Liths just need to make noises that they tried to get a better offer. Then when nothing comes of it, they turn to their creditors and say - "Massone's the best we can do, either wait a couple of years to sell the PBS, or take his cash now"?

The sentence in the DR Twitter (which I paraphrase) which quotes the Lithuanian spokeman as saying "We would like to see the Club continue but our first responsibility is to the creditors" is the crux of it.

In other words, when push comes to shove, and no acceptable offer is on the table, the Lithuanians will pull the plug on the football club. Their legal obligations are not to the continuation of the footbal club but to realise as much cash as possible.

Or, if Massone ups his bid and can produce the readies, then debates about "fit and proper person" are not the Lithuanians' problem either.

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I would guess this is the way we are headed - FOH and Massone joining forces - you would have an acceptable bid and working capital through the direct debits. Would this be agreeable to Massone though?

Dictator working with a committee of 12?

Nah.

[Geo_1875]

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I would guess this is the way we are headed - FOH and Massone joining forces - you would have an acceptable bid and working capital through the direct debits. Would this be agreeable to Massone though?

Have FoH not been actively xenophobic in their campaign to gain control of HoMFC? Would they backtrack on their plans for fan ownership and world domination?

[BarneyK]

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Have FoH not been actively xenophobic in their campaign to gain control of HoMFC? Would they backtrack on their plans for fan ownership and world domination?

I would imagine they would do whatever it takes to avoid liquidation and still paint it as a victory of fan ownership.

[Ozyhibby]

And still no mention of frozen assets. Not even from the Lithuanians.

[Off the bar]

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Have FoH not been actively xenophobic in their campaign to gain control of HoMFC? Would they backtrack on their plans for fan ownership and world domination?

you've got to think that joining Massone would split FOH, people hav'nt signed up for direct debits to be part of Massone's bid, I think FOH pledges would melt away pretty quickly if they were to join forces, and even if the bid were to be successful the fit and proper thing must rule them out.
high time the stubborn turd that is HoMFC was flushed.

[Newry Hibs]

Just want to get my head round what is (possibly) happening before it happens and I lose all sense of following what is going on ....

Do HMFC (or the admins now) own Tynecastle (albeit with some Liths holding a charge) and whatever other assets (players??)?

Just what are FOH and Massone trying to buy - the above?

Because they are offering below what Tynecastle is / may be worth (£6m charge) - the offers have been knocked back.


So....... and trying not to sound like a Yam fan ....
Why isn't Tynie sold for £x millions and this money given to the creditors and Hearts FC carry on free of debt etc etc playing at Livingston in the SPFL Premier league (accepting that they are owned by FOH / MAssone and have a transfer ban as punishment and may not have much money to afford wages / rent / ongoing costs).

[Gus Fring]

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And still no mention of frozen assets. Not even from the Lithuanians.

UKIO has a security on the stadium and 29% of shares but it's UBIG's assets that are frozen. Hearts will have to deal with UBIG seperately. Whoever ends up with the stadium holds the key component though. UBIG's 50% isn't worth as much without it.

[God Petrie]

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UKIO has a security on the stadium and 29% of shares but it's UBIG's assets that are frozen. Hearts will have to deal with UBIG seperately. Whoever ends up with the stadium holds the key component though. UBIG's 50% isn't worth as much without it.

Any news from the "corridors of power" at Hertz after today's revelations, Bajillions?

[Treadstone]

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Just want to get my head round what is (possibly) happening before it happens and I lose all sense of following what is going on ....

Do HMFC (or the admins now) own Tynecastle (albeit with some Liths holding a charge) and whatever other assets (players??)? Yes

Just what are FOH and Massone trying to buy - the above? Yes

Because they are offering below what Tynecastle is / may be worth (£6m charge) - the offers have been knocked back. Yes

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So....... and trying not to sound like a Yam fan ....
Why isn't Tynie sold for £x millions and this money given to the creditors and Hearts FC carry on free of debt etc etc playing at Livingston in the SPFL Premier league (accepting that they are owned by FOH / MAssone and have a transfer ban as punishment and may not have much money to afford wages / rent / ongoing costs).

Because FoH think they can get the lot and shed debt for fifty quid and 2000 nectar points.

[Waxy]

Give it 5 years and the tynie stands will start to collapse anyway. Starting with that home for woodworm.

[Dunderhall]

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I would guess this is the way we are headed - FOH and Massone joining forces - you would have an acceptable bid and working capital through the direct debits. Would this be agreeable to Massone though?

FoH would have to tear up their framework documents that people signed up to, it's a completely different scenario to what they finally proposed. Would they even be the majority shareholder?

I agree it may well be a non-starter for Massone's agenda.
There was the McKie consortium that FoH declined to partner with previously.

[BH Hibs]

Just a thought but if Massone either by a joint bid or on his own gets control and subsequently Tynecastle is lost don't think Livingston would welcome him back. All speculation of course

[BarneyK]

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Just a thought but if Massone either by a joint bid or on his own gets control and subsequently Tynecastle is lost don't think Livingston would welcome him back. All speculation of course

If the bid is successful they'd keep Tynie.

[StevieC]

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I would guess this is the way we are headed - FOH and Massone joining forces - you would have an acceptable bid and working capital through the direct debits. Would this be agreeable to Massone though?

I suspect the scenario would need to be that FOH provide the £1m shortfall and ALL the working capital, with no guarantee of any involvement in the club after they've parted with their cash. The question is whether FOH are willing to do that, as I'm sure Massone will happily take their cash.

I'm wondering about the latest release though? Is the response from Lithuanian based purely on the "secured" part of the debt or will it include the CVA aspect as well??
If they are simply needing enough to cover the secured part and theres nothing left in the pot for a CVA then it's liquidation anyway, is it not?

[Sanger]

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If the bid is successful they'd keep Tynie.

Ho ho just when you are having a blue Monday and your down about how ***** we are!

[PapillonVert]

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If the bid is successful they'd keep Tynie.

Would they?

If Massone's putting up millions, where's his return on that unless he can sell the land at a profit or develop it?

No sense in Massone making a bid otherwise. He's proved he is only interested in asset-stripping rather than running a football club. Hence, why he is not putting up any working capital for the football club.

[7062]

Am I right in thinking that the rejection of the bids has only came from 1 Lith admin?

Even if another £1m is found, could the other Lith admin still reject the bid?

Or is the fact that UKIO are the biggest creditor mean that it's basically just up to them?

[hibeesjoe]

What advantages would there be over liquidating the club rather than selling it too foh or another interested party. Is it just a case that they might raise more money?

[silverhibee]

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Have FoH not been actively xenophobic in their campaign to gain control of HoMFC? Would they backtrack on their plans for fan ownership and world domination?

Help is at hand.


http://www.youtube.com/watch?v=GYXBzE-Cpec

[Gus Fring]

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Any news from the "corridors of power" at Hertz after today's revelations, Bajillions?

Not really. BDO always knew these offers weren't good enough. I will say this though is that the offers given to UB were not the original ones given to BDO. BDO told them they weren't good enough and asked them to increase which they did, slightly, those revised offers were then presented to UB.

[CropleyWasGod]

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What advantages would there be over liquidating the club rather than selling it too foh or another interested party. Is it just a case that they might raise more money?

Liquidating it opens up the possibility of a non-football buyer for the land. Hence there is, theoretically, more money to be made.

[silverhibee]

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And still no mention of frozen assets. Not even from the Lithuanians.

Probably hasn't received Sidney's letter yet.

[SolentHibee]

So is it normal that somebody like Ukio would say that bids were unsuitable and then specify the amount needed to make them acceptable?

Would they not normally tell people to come back with a better offer, with the prospect that they might get more than what they saw as the shortfall?

[BarneyK]

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Would they?

If Massone's putting up millions, where's his return on that unless he can sell the land at a profit or develop it?

No sense in Massone making a bid otherwise. He's proved he is only interested in asset-stripping rather than running a football club. Hence, why he is not putting up any working capital for the football club.

I doubt Massone's in it to sell Tynie and leave them homeless. He'd have to chuck money at another stadium and that's even less likely. Who knows what his motivation really is with this one?