Share Transfers Agreed/Cooling off period

[Jack Hackett]

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

Possibly, but at this stage it's only likely to contribute towards BDO's fee

I think it only right that the support who closed their eyes to reality for so long, should now be suffering financially. The same fiscal shenanigans which gave them an edge over the last 8 years and longer and fueled their BIG team delusions, has turned around and bitten them on their collective bums. It is both ironic and pleasing that their efforts at raising cash may well help fund the expenses of their executioners

[PapillonVert]

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

The current Lithuanian government recently came to power campaigning about cleaning up their banking sector, highlighting the previous governments shambolic handling of the collapse of Bankas Snoras, a case which still rumbles on after some 2 or so years. This was an important factor in their campaign prior to the elections, which they obviously won.

There is little chance that the current incumbents are going to back-pedal and let Ukio/UBIG/Yams off lightly. They're under the microscope to do what's right for the people of Lithuania, not some two-bob, bigoted, football club.

Sergey, dear boy, don' t you know that old Lord Pishstainedbreeks is a personal acquaintance of the Lithuanian ambassador? And that means that the Lithuanians MUST put the interests of HMFC at the top of their agenda? How could you be so silly?

[SmashinGlass]

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

I think it only right that the support who closed their eyes to reality for so long, should now be suffering financially. The same fiscal shenanigans which gave them an edge over the last 8 years and longer and fueled their BIG team delusions, has turned around and bitten them on their collective bums. It is both ironic and pleasing that their efforts at raising cash may well help fund the expenses of their executioners

I couldn't agree more

[BH Hibs]

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

In my opinion (that's the disclaimer) this arrest warrant wasn't issued yesterday - it's been in place for the last 5 or 6 weeks. Cohorts of Vlad have already been pulled by the authorities, in particular, Ugianskis, former board chairman of Ukio who is in it up to his neck. The authorities are loathed to comment on their investigations, but I have it on good authority that those involved in the embezzlement are being brought to book, passports removed and placed under house arrest until formal charges are brought.

With the Lithuanian Financial Crimes Investigation Unit officially placing UBIG & Ukio under investigation (they are the equivalent of our SFO) I'd be extremely surprised if assets were unfrozen any time soon, if indeed at all. As I understand it, all cash is also frozen. I don't expect this to change in the foreseeable, and BDO's comments that administration could drag on until 2014 sort of cements this - they must have been advised of this situation, too. They have an office in Kaunas that must be in the loop and they are the chosen appointee of Ukio's admin. As I mentioned in a previous post, this is a political issue and bears sod-all to football.

There will be no 'quick-fix', I'm certain of that, and I don't think there will be a fix at all.

Cheers bud

[monktonharp]

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

http://www.15min.lt/en/article/busin...ius-527-358598

Don't know if this matters a jot.

The good part of the bank are having problems.

this is only an opinion, without having any real knowledge of these things I suppose, but this seems to have a lot of similarities with the football stadium in west Edin. strange arrangements re-planning, unable to get proper details in order to raise a bid etc, and to cap it all, the disgraced company Ukio are/were involved.It was also named as a multi-million complex? assume they mean Litas? or do stadiums go for a lot more millions, than some like to suggest?

[EskbankHibby]

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

In my opinion (that's the disclaimer) this arrest warrant wasn't issued yesterday - it's been in place for the last 5 or 6 weeks. Cohorts of Vlad have already been pulled by the authorities, in particular, Ugianskis, former board chairman of Ukio who is in it up to his neck. The authorities are loathed to comment on their investigations, but I have it on good authority that those involved in the embezzlement are being brought to book, passports removed and placed under house arrest until formal charges are brought.

With the Lithuanian Financial Crimes Investigation Unit officially placing UBIG & Ukio under investigation (they are the equivalent of our SFO) I'd be extremely surprised if assets were unfrozen any time soon, if indeed at all. As I understand it, all cash is also frozen. I don't expect this to change in the foreseeable, and BDO's comments that administration could drag on until 2014 sort of cements this - they must have been advised of this situation, too. They have an office in Kaunas that must be in the loop and they are the chosen appointee of Ukio's admin. As I mentioned in a previous post, this is a political issue and bears sod-all to football.

There will be no 'quick-fix', I'm certain of that, and I don't think there will be a fix at all.

But but but......FOH an that, 5-1 an that, establishment team an that, must mean something?!?!?!?

[clerriehibs]

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

Sergey, dear boy, don' t you know that old Lord Pishstainedbreeks is a personal acquaintance of the Lithuanian ambassador? And that means that the Lithuanians MUST put the interests of HMFC at the top of their agenda? How could you be so silly?

I concur. However, the mad one did have quite a high profile in Lithuania, but with the arrest warrant out, the worm has turned. This case may get a fair amount of publicity, and nothing and no-one will be getting off lightly.

[weonlywon6-2]

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

I concur. However, the mad one did have quite a high profile in Lithuania, but with the arrest warrant out, the worm has turned. This case may get a fair amount of publicity, and nothing and no-one will be getting off lightly.

Even if yhey do get romanov it will still drag on for ages.fraud etc takes a long time to deal with through the courts and he will plead not guilty therefore you have a wait agin till the lengthy court case

[greenginger]

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

Even if yhey do get romanov it will still drag on for ages.fraud etc takes a long time to deal with through the courts and he will plead not guilty therefore you have a wait agin till the lengthy court case

And then there is a further two levels of Court in Lithuania he can appeal to When he is found guilty.

[Sanger]

Full steam ahead after tomorrow if no appeal from UBIG which is unlikely as they have no directors and any significant office bearers gone to ground to avoid prosecution. Maybe things will come to head this week. No new meaningful money or proof of funds from the two joke bids. Would people prefer liquidation proceedings to start before it after next Sunday's derby?

[lord bunberry]

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

Full steam ahead after tomorrow if no appeal from UBIG which is unlikely as they have no directors and any significant office bearers gone to ground to avoid prosecution. Maybe things will come to head this week. No new meaningful money or proof of funds from the two joke bids. Would people prefer liquidation proceedings to start before it after next Sunday's derby?

As soon as possible for me, I want them wiped of the face of the earth

[...WentToMowAnSPL]

Don't suppose there is any chance for the debt for equity swaps being challenged and reversed by the Lithuanian administrator of UKIO,UBIG ? .....?or am I just being greedy !

[Dirkster23]

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

What are the chances of Vlad being arrested while he is in Russia and remains there.?

It's hard to imagine the Russians spending a lot of time looking for Vlad, especially if he's in Chechnya.

[Sanger]

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

Don't suppose there is any chance for the debt for equity swaps being challenged and reversed by the Lithuanian administrator of UKIO,UBIG ? .....?or am I just being greedy !

Debt for equity swaps, Debt forgiveness & payments from Kaunas FC are part of the Romanov fraud in my opinion. In reality Hearts owe this money and have been accomplices to the fraud. But it will not increase the money Lithuania can get back. They are maxed out by the value of land that Tynie sits on. We could ask Hearts 400,000 fans to pay the £60m balance back to Lithuania. It is only £150 a fan. Quite a reasonable price for all the success that debt has brought over the last 15 years.

[big gogs]

i want them gone now,we have been waiting long enough,their greed ,arrogance,stupidity,we are too big a club,world wars,big team.lord weak bladder foulkes talking to the media about saving hearts when he and others brought romanov in to start with.the debt to the council is taking money out my pocket,the thought of me subsidising those clowns really does annoy me.they were told about romanov at the time ,but they hated robinson so much,they sold their soul to the devil.god knows i feel better now.off to easter road soon.

[Green&White]

this has probably been said a shed load of times on this thread over the 1 million pages but it completely baffles me that the sfa/spfl have let them start the season when its as plain as the p*sh on gary lockes heed that they aint gna make it past the 4th or 5th game at best.

yet again makes a complete mockery of the scottish game.

[Waxy]

Guys guys calm down.
They are self sufficient and have positive funding facilities in place.

[jacomo]

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

Full steam ahead after tomorrow if no appeal from UBIG which is unlikely as they have no directors and any significant office bearers gone to ground to avoid prosecution. Maybe things will come to head this week. No new meaningful money or proof of funds from the two joke bids. Would people prefer liquidation proceedings to start before it after next Sunday's derby?

Given your firm predictions about the timing of a liquidation have come to nothing so far, maybe time to cut down on wild speculation dressed up as informed opinion?

[Sanger]

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

this has probably been said a shed load of times on this thread over the 1 million pages but it completely baffles me that the sfa/spfl have let them start the season when its as plain as the p*sh on gary lockes heed that they aint gna make it past the 4th or 5th game at best.

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

yet again makes a complete mockery of the scottish game.

yes the chief operating officer declaring UBIG I solvent through the Lithuanian insolvency service - part of their Treasury depot - and putting them on an official list of insolvent companies was not sufficient proof of an insolvency event for SPL. Clowns!

[NadeAteMyLunch!]

At the risk of REALLY sounding like Sidney, has anyone written to anyone at Edinburgh City Council to express their disgust at what's been allowed to happen with, at the end of the day, money that we all contribute towards? £90,000 is a lot of money. If I was owe them £1,000 they would be on my tail quick enough. Who might one write to in such a case?

[Caversham Green]

Reading through the Administrator's Statement in detail for the first time, I see the 'Prescribed Part' provisions apply (para#4).

This means that a part of administration funds is set aside for distribution to unsecured creditors - broadly 20% up to a maximum of £600k. However, the third bullet point in para 4 says:

Please note that should the Club exit Administration via a Company Voluntary Arrangement ("CVA"), then the above would not apply.

I take that to mean that unsecured creditors voting for a CVA would be doing themselves out of a share of £600k. Given that the administrators of UBIG will hold the balance of power in a CVA vote and it is their duty to realise as much as they can, it seems highly unlikely they would vote in favour of a CVA.

[Biggie]

I know they won't do it, but the SFA should strip them off the cups they "won" during romanovs period in control.....it's obvious to every man and his dog they've cheated....I want them wiped off the face of this earth.....after Sunday.

[Gus Fring]

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

[INDENT]

yes the chief operating officer declaring UBIG I solvent through the Lithuanian insolvency service - part of their Treasury depot - and putting them on an official list of insolvent companies was not sufficient proof of an insolvency event for SPL. Clowns!

We have been over this. The "insolvency event" had a significant amount of doubt so that neither the SPL, their Lawyers or the Lawyers they specifically hired in Lithuania to deal with this felt that there was enough to do anything about it under the rules of the SPL. Moving Hearts to the Scottish Championship would have done nothing to resolve any of this situation, they would still be in the mess they are in and it would still be the SPFL who would have to deal with it. All that would be different is us Hibs fans would be able to say "Haha you got relegated" and I'm sorry to break it to you but the SPFL doesn't give a crap about Hibs fans wanting to see Hearts suffer.

[21.05.2016]

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

As soon as possible for me, I want them wiped of the face of the earth

Agreed. Vile, corrupt, scabby little joke of a club.

[Simkin911]

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

Reading through the Administrator's Statement in detail for the first time, I see the 'Prescribed Part' provisions apply (para#4).

This means that a part of administration funds is set aside for distribution to unsecured creditors - broadly 20% up to a maximum of £600k. However, the third bullet point in para 4 says:



I take that to mean that unsecured creditors voting for a CVA would be doing themselves out of a share of £600k. Given that the administrators of UBIG will hold the balance of power in a CVA vote and it is their duty to realise as much as they can, it seems highly unlikely they would vote in favour of a CVA.

Maybe the Evening News will run a piece on the forgotten creditors next week and highlight that liquidation looks best for the unsecured creditors. Unlikely but you never know - a balanced viewpoint would be nice a newspaper now and again.

[brog]

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

We have been over this. The "insolvency event" had a significant amount of doubt so that neither the SPL, their Lawyers or the Lawyers they specifically hired in Lithuania to deal with this felt that there was enough to do anything about it under the rules of the SPL. Moving Hearts to the Scottish Championship would have done nothing to resolve any of this situation, they would still be in the mess they are in and it would still be the SPFL who would have to deal with it. All that would be different is us Hibs fans would be able to say "Haha you got relegated" and I'm sorry to break it to you but the SPFL doesn't give a crap about Hibs fans wanting to see Hearts suffer.

You're correct of course but regardless of the UBIG situation there's no doubt in my mind that Yams should have been in Admin long before season end, suffered an 18 point penalty & been relegated. The fact that a number of their creditors have been outstanding over a year confirms Southern lied when he said they were self sufficient. We also know that Yams had administrators lined up long before May.
I think the consequences of that relegation however go far beyond Hibs fans having laughter rights over Yams plight. Yams sold about 7,000 seasons prior to admin, would they have sold as many for Div 1? They would receive less TV money, about £150,000, they would probably not be seeded for the League Cup, wouldn't sell as much hospitality, sponsorship & ticket prices would be reduced etc etc. In other words relegation would have had a catastrophic effect on a club already on its financial knees. It was for those reasons they lied & its for those reasons they should be further punished. There are plenty of options with SPFL rules ( assuming SPL rules continue ), including termination of membership. That would do me!

[Gus Fring]

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

You're correct of course but regardless of the UBIG situation there's no doubt in my mind that Yams should have been in Admin long before season end, suffered an 18 point penalty & been relegated. The fact that a number of their creditors have been outstanding over a year confirms Southern lied when he said they were self sufficient. We also know that Yams had administrators lined up long before May.
I think the consequences of that relegation however go far beyond Hibs fans having laughter rights over Yams plight. Yams sold about 7,000 seasons prior to admin, would they have sold as many for Div 1? They would receive less TV money, about £150,000, they would probably not be seeded for the League Cup, wouldn't sell as much hospitality, sponsorship & ticket prices would be reduced etc etc. In other words relegation would have had a catastrophic effect on a club already on its financial knees. It was for those reasons they lied & its for those reasons they should be further punished. There are plenty of options with SPFL rules ( assuming SPL rules continue ), including termination of membership. That would do me!

There's nothing in the rules that states you can't line up an administrator in advance nor is there one that says you can't lie to the press about being self sufficient. Again, it's important to remember that the SPFL is the clubs not some mythical unbiased group who will rule with an iron fist.

The simple fact is Hearts didn't go into admin before the end of last season and UBIG's situation was significantly vague enough to warrant caution. The SPFL can't act on ifs ands buts or maybes.

[Sanger]

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

We have been over this. The "insolvency event" had a significant amount of doubt so that neither the SPL, their Lawyers or the Lawyers they specifically hired in Lithuania to deal with this felt that there was enough to do anything about it under the rules of the SPL. Moving Hearts to the Scottish Championship would have done nothing to resolve any of this situation, they would still be in the mess they are in and it would still be the SPFL who would have to deal with it. All that would be different is us Hibs fans would be able to say "Haha you got relegated" and I'm sorry to break it to you but the SPFL doesn't give a crap about Hibs fans wanting to see Hearts suffer.

But not in the top league which is league mist under the spotlight outside Scotland. The SPL clearly some to anybody who understood the I solvency process in Lithuania. It was a complete copout and typical of their head in the sand approach to the moment Romanov started to get involved I. hearts. A little due dilligence is beyo d the SPL S we have seen with Gers and Hearts.

[Sanger]

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

Given your firm predictions about the timing of a liquidation have come to nothing so far, maybe time to cut down on wild speculation dressed up as informed opinion?

Liquidation after a short admin still on cards. What's a week or two out in this saga. Or just take the SPfL approach and just wait until it hits you in the face like a mouldy old fish. BDO need to look as if they have tried every avenue plus they can milk a bit extra in the fees. It won't be long now.

[Moulin Yarns]

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

Liquidation after a short admin still on cards. What's a week or two out in this saga. Or just take the SPfL approach and just wait until it hits you in the face like a mouldy old fish. BDO need to look as if they have tried every avenue plus they can milk a bit extra in the fees. It won't be long now.

Others have made it clear that the SPFL were not in a position to do anything because they might have faced a legal challenge.

So I have a question for you, Desantos.

I've been following this thread from the start, and the most knowledgeable folks have been Caversham Green, Cropleywasgod and Sergey. You appeared late in the day with, what appeared to be new knowledge at around the time UBIG or Ukio Bankas were going into administration (I can't remember which) however, and it is just my opinion, since then you have not contributed anything new. Mostly regurgitating the same things worded differently, so, can you clear up for me, and anybody else with similar thoughts, where do you get you information and what contacts and qualification you have to give your opinions?