Share Transfers Agreed/Cooling off period

[monktonharp]

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http://sport.stv.tv/football/244024-...ourt-date-set/


Third last paragraph suggests a decision about accepting the FoH offer will be made this week.

all very confusing. the Lith man says ukio bankas will take a descision as to move it forward, yet it's the biggest shareholder who is still waiting on the assets being de-frosted. what is your take on it?

[Sergey]

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all very confusing. the Lith man says ukio bankas will take a descision as to move it forward, yet it's the biggest shareholder who is still waiting on the assets being de-frosted. what is your take on it?

I'm not GreenGinger, but I'll pass on my opinion.

The UBIG assets were frozen by the Lith Fraud Squad for good reason - they were committing fraud on an industrial scale. These investigations haven't even got around the first lap in what could be a 60 lap race. Nothing is going to be rectified in the short term while investigations are ongoing. HoMFC are complicit in the ruse and folks will be called to task. Fedotovas and Goncaruk and hopefully Deans will be questioned. Vlad is long gone.

The shedding of the 50% shareholding simply isn't going to happen any time soon and no amount of spin by BDO and/or FoH can change the lay of the land...in this case, Lith Land.

[Kato]

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no amount of spin by BDO and/or FoH

...and the scottish press, they are still soft-soaping on almost every aspect of what is a pretty grim tale.

[Leithenhibby]

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I'm not GreenGinger, but I'll pass on my opinion.

The UBIG assets were frozen by the Lith Fraud Squad for good reason - they were committing fraud on an industrial scale. These investigations haven't even got around the first lap in what could be a 60 lap race. Nothing is going to be rectified in the short term while investigations are ongoing. HoMFC are complicit in the ruse and folks will be called to task. Fedotovas and Goncaruk and hopefully Deans will be questioned. Vlad is long gone.

The shedding of the 50% shareholding simply isn't going to happen any time soon and no amount of spin by BDO and/or FoH can change the lay of the land...in this case, Lith Land.

I know this is a silly Q, but here goes. How long do "you think" this could take?

[Sergey]

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I know this is a silly Q, but here goes. How long do "you think" this could take?

This could go two ways.

Scenario 1 - BDO rush them out of administration as per Portsmouth FC; a very similar case, a fraudulent Lith bank owned by a Russian crook funding a football club to launder money. They subsequently went into administration a few more times and are now in the bottom league of English league football. Antonov is still fighting his case some three years down the line while Portsmouth are well and truly screwed. That scenario would suit moi.

Scenario 2 - BDO can't negotiate the transfer of shares from the Lith Fraud Squad as they're tied up in a 'Proceeds of Crime Act' (or the Lith equivalent). Bid by FoH can't succeed and Liquidation is a formality. That scenario would also suit moi.

Scenario 3 - There isn't one.

[Jonnyboy]

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This could go two ways.

Scenario 1 - BDO rush them out of administration as per Portsmouth FC; a very similar case, a fraudulent Lith bank owned by a Russian crook funding a football club to launder money. They subsequently went into administration a few more times and are now in the bottom league of English league football. Antonov is still fighting his case some three years down the line while Portsmouth are well and truly screwed. That scenario would suit moi.

Scenario 2 - BDO can't negotiate the transfer of shares from the Lith Fraud Squad as they're tied up in a 'Proceeds of Crime Act' (or the Lith equivalent). Bid by FoH can't succeed and Liquidation is a formality. That scenario would also suit moi.

Scenario 3 - There isn't one.

Scenario 1 please

[Haymaker]

Im excited.

[Sanger]

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Im excited.

Assets frozen to stop Vlad selling them. Can easily put proceeds of sale in trust until legal situation sorted out., Given reports that we have seen coming out of Lith and FOH offer this news means we are likely to move to liquidation quickly.

[grunt]

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Can easily put proceeds of sale in trust until legal situation sorted out.

You keep going on about putting the proceeds into a Trust. I seldom if ever hear of this happening in the corporate world. Now I could well be wrong - I have been many times before. Do you have examples of where sale proceeds following a corporate sale of a business have been put into a Trust??

[monktonharp]

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I'm not GreenGinger, but I'll pass on my opinion.

The UBIG assets were frozen by the Lith Fraud Squad for good reason - they were committing fraud on an industrial scale. These investigations haven't even got around the first lap in what could be a 60 lap race. Nothing is going to be rectified in the short term while investigations are ongoing. HoMFC are complicit in the ruse and folks will be called to task. Fedotovas and Goncaruk and hopefully Deans will be questioned. Vlad is long gone.

The shedding of the 50% shareholding simply isn't going to happen any time soon and no amount of spin by BDO and/or FoH can change the lay of the land...in this case, Lith Land.

comments noted and appreciated Serge. when I mention "Lith man" I don't say that, lightly. Lithuania is a soveirgn state which was at the forefront of the dismantling of the auld USSR and should be given the respect it deserves. their laws, I'd imagine are fairly well developed and enshrouded in what is equal and fair for their citizens. many of their countrymen have been well shafted by people like Romanov for years and the government of the day has been elected on the premise of ridding the country of such. I'd expect that the "Lith" law is applied to the full and the citizens /investors are given a fair shout when monies are reclaimed

[The Green Goblin]

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...and the scottish press, they are still soft-soaping on almost every aspect of what is a pretty grim tale.

Absolutely, to their utter shame.

[greenginger]

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all very confusing. the Lith man says ukio bankas will take a descision as to move it forward, yet it's the biggest shareholder who is still waiting on the assets being de-frosted. what is your take on it?

I think the Ukio Bankas Admin. is saying he will be advised by the Ukio Bankas Creditors Committee which has been set up by some of those stiffed by the Bank.

This was the committee that kicked up stink when it considered the assets of Ukio Bankas were being transferred to cheaply to the other Lith. Bank.

I don't think they can have an official role but reading the Admin's statement again, he seems to be happy to take guidance from the Committee, which suggests to me it will be bad news for the FoH bid and it won't be his decision.

Of course I might be reading too much into an STV report.

[Leithenhibby]

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This could go two ways.

Scenario 1 - BDO rush them out of administration as per Portsmouth FC; a very similar case, a fraudulent Lith bank owned by a Russian crook funding a football club to launder money. They subsequently went into administration a few more times and are now in the bottom league of English league football. Antonov is still fighting his case some three years down the line while Portsmouth are well and truly screwed. That scenario would suit moi.

Scenario 2 - BDO can't negotiate the transfer of shares from the Lith Fraud Squad as they're tied up in a 'Proceeds of Crime Act' (or the Lith equivalent). Bid by FoH can't succeed and Liquidation is a formality. That scenario would also suit moi.

Scenario 3 - There isn't one.

Very Pleasing.............

It pays to ask the silly Q's methinks .....

[GloryGlory]

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I'm not GreenGinger, but I'll pass on my opinion.

The UBIG assets were frozen by the Lith Fraud Squad for good reason - they were committing fraud on an industrial scale. These investigations haven't even got around the first lap in what could be a 60 lap race. Nothing is going to be rectified in the short term while investigations are ongoing. HoMFC are complicit in the ruse and folks will be called to task. Fedotovas and Goncaruk and hopefully Deans will be questioned. Vlad is long gone.

The shedding of the 50% shareholding simply isn't going to happen any time soon and no amount of spin by BDO and/or FoH can change the lay of the land...in this case, Lith Land.

One would hope and expect that the Lith fraud polis are in touch with their Scottish counterparts in the Serious and Organised Crime squad, and those Scottish counterparts will undertake an investigation into the financial goings-on at Tynie. My understanding is that company directors can't use "I didnae ken what wiz goin' oan, I only did what I wiz telt and anyway I wiz only there tae watch the games" as an excuse if there is prima facie evidence of money laundering. Same for auditors and other professional advisers, too.

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all very confusing. the Lith man says ukio bankas will take a descision as to move it forward, yet it's the biggest shareholder who is still waiting on the assets being de-frosted. what is your take on it?

Could be BDO have concluded the offer isn't good enough anyway, regardless of what may happen in Lithland.

Or maybe they've uncovered evidence of financial jiggery-pokery, in which case they could be about to call in the polis.... We can only hope.

[AlbertK86]

Does anybody in the know how much BDO's bill is currently standing at ?

[CB_NO3]

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Does anybody in the know how much BDO's bill is currently standing at ?

Nobody knows for sure but ill be very surprised if its less than 500k thats for sure.

P.S. Duff and duffer took 2.7m from the oldco huns.

[greenginger]

I see Shoe Salesman Bob must have tried to by-pass BDO and made a new offer direct to the Ukio Bankas Lithuanian Administrator.

He wants to buy the 29.9% share holding and the Club leaving the PBS to the developers.

Has'nt gone down well with the Foundationers

[CropleyWasGod]

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I see Shoe Salesman Bob must have tried to by-pass BDO and made a new offer direct to the Ukio Bankas Lithuanian Administrator.

He wants to buy the 29.9% share holding and the Club leaving the PBS to the developers.

Has'nt gone down well with the Foundationers

I saw that, too.

TBH, it's his right. UKIO are in admin, they have assets to sell, so he's entitled to make an offer.

Why he would do, though, is beyond me.

[Zondervan]

Slippery Salmond in the EEN offering political intervention!!

@BarryAnderson_8: First Minister Alex Salmond willing to intervene if political help is needed in #Hearts administration process. Story in today's EN. #HMFC

[Treadstone]

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Slippery Salmond in the EEN offering political intervention!!

@BarryAnderson_8: First Minister Alex Salmond willing to intervene if political help is needed in #Hearts administration process. Story in today's EN. #HMFC

Pishy Breeks nose out of joint so reminds #allisbarry. Hope he is as forthcoming when moobs go soaring.

George Foulkes ‏@GeorgeFoulkes13m
@BarryAnderson_8 Hearts are already getting political help in Administration process. Meetings with Lithuanian Ambassador for example.

[Ozyhibby]

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Slippery Salmond in the EEN offering political intervention!!

@BarryAnderson_8: First Minister Alex Salmond willing to intervene if political help is needed in #Hearts administration process. Story in today's EN. #HMFC

Interesting that they think this might be necessary now. What's changed last couple of days?

[greenginger]

I would have thought the wee oil works up the Forth Estuary should have higher priority right now.

[Zondervan]

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Interesting that they think this might be necessary now. What's changed last couple of days?

Fatty and Slippery can do what they want as Hearts fans.

As politicians, they shouldn't be going near this. By doing so, they are condoning fraud, money-laundering and all the other corruption that came out of HoMFC.

And as mentioned above, there are far greater things on the Scottish political agenda (such as Grangemouth) that they should be looking to politically intervene in.

[greenginger]

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I saw that, too.

TBH, it's his right. UKIO are in admin, they have assets to sell, so he's entitled to make an offer.

Why he would do, though, is beyond me.

I guess his idea is to gain control of the Club, get them to play at Murrayfield/livi until the Council build a new Yam Dome or the Garden District stadium gets built.

[CropleyWasGod]

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I would have thought the wee oil works up the Forth Estuary should have higher priority right now.

Had to laugh at the report on the BBC (London) News this morning. "Grangemouth, near Falkirk."

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I guess his idea is to gain control of the Club, get them to play at Murrayfield/livi until the Council build a new Yam Dome or the Garden District stadium gets built.

But he wouldn't with only 29.9% of the shares. UBIG's admins would still have control.

Or have I missed something?

[GloryGlory]

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Fatty and Slippery can do what they want as Hearts fans.

As politicians, they shouldn't be going near this. By doing so, they are condoning fraud, money-laundering and all the other corruption that came out of HoMFC.

And as mentioned above, there are far greater things on the Scottish political agenda (such as Grangemouth) that they should be looking to politically intervene in.

Not to mention tax evasion and ripping off charities and small local businesses.

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Interesting that they think this might be necessary now. What's changed last couple of days?

Behind the scenes briefing from BDO that the cash is fast running out and FOH's bid is a busted flush???

[Liberal Hibby]

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But he wouldn't with only 29.9% of the shares. UBIG's admins would still have control.

Or have I missed something?

I wouldn't have thought so! The only thing I can think is he's trying to decouple the property assests from the playing assets, branding and 'goodwill' whatever that is.

That way he might be able argue to the Lithuanian authorities that the real assets remain frozen and something that has no real value can be spun off to continue while the criminal investigation and admin process run their course.

It might also be in FoH's interests to get the club without the ground and try to get some rental agreement in the meantime for Tynie. But whatever happens it is clear the Liths won't settle for anyhting less than market value for Tynie.

[Part/Time Supporter]

Always look for the small print in Barry's articles.

BDO are working closely with Ukio Bankas administrators Valnetas in the hope that they will accept the proposed CVA. Foundation of Hearts have offered less than £3m to the club’s biggest creditor, whilst Valnetas have stated that £5m is their desired amount.

Valnetas (Ukio admin) have delayed making a decision thus far and BDO are now becoming concerned. Valnetas have indicated that they will give a response to whether they would be willing to accept the Foundation’s offer in principle within the next week, however they have missed such deadlines previously.

Valnetas have put a list of questions to BDO regarding their CVA proposal and BDO have responded with answers in the last few days. BDO are hopeful, but not certain, of receiving a response from Valnetas within the next seven days.

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I wouldn't have thought so! The only thing I can think is he's trying to decouple the property assests from the playing assets, branding and 'goodwill' whatever that is.

That way he might be able argue to the Lithuanian authorities that the real assets remain frozen and something that has no real value can be spun off to continue while the criminal investigation and admin process run their course.

It might also be in FoH's interests to get the club without the ground and try to get some rental agreement in the meantime for Tynie. But whatever happens it is clear the Liths won't settle for anyhting less than market value for Tynie.

Bob Jamieson is a time waster / Walter Mitty character. Any proposal made by him should (and probably will) be ignored.

[greenginger]

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But he wouldn't with only 29.9% of the shares. UBIG's admins would still have control.

Or have I missed something?

I think it will be a first step. If he has the Club Name, SFA membership etc the rest of the business could be liquidated and HOMFC allowed to plead " we are the same club " .

Its just we now play at Saughton Enclosure.

[Treadstone]

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Interesting that they think this might be necessary now. What's changed last couple of days?

Just the headline ! Reading the actual article if you were a yam you would be very wary.

http://www.edinburghnews.scotsman.co...vive-1-3145617

A few choice lines.

- BDO are concerned that the UBIG administrators could make life difficult as they try to get hold of the 50 per cent shareholding...

- Foundation of Hearts have offered less than £3m to the club’s biggest creditor, whilst Valnetas have stated that £5m is their desired amount.

- Valnetas have delayed making a decision thus far and BDO are now becoming concerned.