Share Transfers Agreed/Cooling off period

[DaveF]

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That's unimportant because all UBIG holds is a bunch of presently worthless shares and a pile of unsecured debt. If FOH have got a deal with Ukio that they can push forward with then everything else will fall into place relatively easily.

The next stage would be for BDO to arrange a meeting to formally vote on the CVA. If that passes (as it should with UBIG and Ukio support) then it would require another month or so. If everything is speeded up and there are no further problems they could be out of administration by Christmas, but it could possibly drag on for a month or two more.

All is indeed barry then. Not too much of a punishment for years of cheating.

[soproni1]

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All is indeed barry then. Not too much of a punishment for years of cheating.

The league table might make you feel a bit better. They are still going down, and wont be back for a while thanks to the huns

[Pete]

They could go down the pan or exit administration tomorrow but it doesn't matter to me. The damage has already been done.

"That day" when they held their hands up basically cancelled out any recent bragging rights they had earned. Shame.

Cheats: never let them forget.

[Geo_1875]

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That's unimportant because all UBIG holds is a bunch of presently worthless shares and a pile of unsecured debt. If FOH have got a deal with Ukio that they can push forward with then everything else will fall into place relatively easily.

The next stage would be for BDO to arrange a meeting to formally vote on the CVA. If that passes (as it should with UBIG and Ukio support) then it would require another month or so before they exit administration. If everything is speeded up and there are no further problems they could be out of administration by Christmas, but it could possibly drag on for a month or two more.

Is UBIG administrator forced to handover said worthless shares or can he hold FoH to ransom for 50% of the club?

[green glory]

Here's the reply:

@jamiekborthwick: @jj_bruce It's between Hearts and Ukio. The CVA talks will run alongside the bankruptcy of UBIG.

[PapillonVert]

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I'm waiting on an answer to that. As I understand it, this only affects the security over the stadium, not the shares which are held by UBIG.

Either allisbarry or liquidation looming for the club , with a view to having a ground to start a newco.

The stadium is the only asset that can generate any cash as far as I know. If the security is discharged and FOH get control, there is nothing left for anyone else. This is my admittedly non-expert grasp of the situation.

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Here's the reply:

@jamiekborthwick: @jj_bruce It's between Hearts and Ukio. The CVA talks will run alongside the bankruptcy of UBIG.

Interpretation needed for the financially semi-literate such as myself. Does this mean that the UBIG administrator has a say in whether the CVA goes ahead?

[Part/Time Supporter]

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Is UBIG administrator forced to handover said worthless shares or can he hold FoH to ransom for 50% of the club?

UBIG won't be forced to hand the shareholding over, but in practice they will accept a relatively nominal amount for it (say £100K). If UBIG demanded too large an amount, then FOH could say "sorry, deal's off", in which case UBIG would get nothing.

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Interpretation needed for the financially semi-literate such as myself. Does this mean that the UBIG administrator has a say in whether the CVA goes ahead?

Yes, because Hearts owe UBIG several million. But in practice, since Ukio are now in favour of FOH taking over, UBIG will fall into line. It makes no sense for UBIG to reject the takeover now that it has been agreed in principle with Ukio.

[green glory]

http://m.stv.tv/sport/football/clubs...ple-with-fans/

[Coco Bryce]

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http://m.stv.tv/sport/football/clubs...ple-with-fans/

So all the yams who we all laughed at posting this on Twitter last week were correct

[JeMeSouviens]

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UBIG won't be forced to hand the shareholding over, but in practice they will accept a relatively nominal amount for it (say £100K). If UBIG demanded too large an amount, then FOH could say "sorry, deal's off", in which case UBIG would get nothing.

Although it's probably worth mentioning that, as far as we know, UBIG's assets, including 50% of Hearts, are still frozen. Will UBIG's liquidator (not yet appointed) be in a position to sell?

[Northernhibee]

So they get relegated this season, get pumped off of the more decent teams in division one; how long before the direct debits start being cancelled?

Still just a matter of time.

[Geo_1875]

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Although it's probably worth mentioning that, as far as we know, UBIG's assets, including 50% of Hearts, are still frozen. Will UBIG's liquidator (not yet appointed) be in a position to sell?

I thought all UBIG's debts were owed to Ukio? Surely this means Ukio admin is the only one with a real say in the matter.

I take it the yams won't be pressing ahead with the listed building petition?

[Part/Time Supporter]

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Although it's probably worth mentioning that, as far as we know, UBIG's assets, including 50% of Hearts, are still frozen. Will UBIG's liquidator (not yet appointed) be in a position to sell?

I've never been convinced by that line of argument. I suspect that UBIG being moved into liquidation means that its assets will be unfrozen. The point of the court freezing UBIG assets was to stop Romanov from taking the assets for himself. Appointing a liquidator means UBIG will be controlled by someone who can distribute any funds raised to its creditors, rather than Romanov.

[andrew70]

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I've never been convinced by that line of argument. I suspect that UBIG being moved into liquidation means that its assets will be unfrozen. The point of the court freezing UBIG assets was to stop Romanov from taking the assets for himself. Appointing a liquidator means UBIG will be controlled by someone who can distribute any funds raised to its creditors, rather than Romanov.

So HoMFC will not be liquidated, or is that still a possibility? Also can we assume that FOH have increased their original and outright offer thus leaving less to work with should they gain control?

[Waxy]

So FOH get them on the cheap.They've so gotten away with this.
How long before the FOH sell a controlling percentage to an Eastern European businessman?

Has this get out of jail free card been manufactured by a Scottish politician?

[green glory]

Fan ownership at the PBS:

Maroon cardigan wearing Austin Princess jockeys arguing in the Gorgie Suite over who gets the corporate hospitality tickets at the next home game against Cowdenbeath.

[bingo70]

What about the fact the shares are frozen? Have they just over come that hurdle?

[Steve20]

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So they get relegated this season, get pumped off of the more decent teams in division one; how long before the direct debits start being cancelled?

Still just a matter of time.

Just like it was a matter of time before liquidation and a CVA wouldn't get agreed. This was always the most likely outcome and all they've got for years of cheating is a 15 point deduction for one season.

[Geo_1875]

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Fan ownership at the PBS:

Maroon cardigan wearing Austin Princess jockeys arguing in the Gorgie Suite over who gets the corporate hospitality tickets at the next home game against Cowdenbeath.

Surely if they are really to be owned by the fans, very few of the 400,000 would pass the fit and proper person rules of the SFA/SFPL. And on so many levels.

[green glory]

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Surely if they are really to be owned by the fans, very few of the 400,000 would pass the fit and proper person rules of the SFA/SFPL. And on so many levels.

Very few would pass a human DNA test.

[HFC 0-7]

Any cva needs to be ratified by the government in Lithuania so it may still be blocked. The shares are frozen, the reason hasn't been stipulated. If it's because of an ongoing fraud investigation then they won't be unfrozen until the investigation is complete. If it's to stop vlad getting his hands on them then they will be unfrozen as part of the cva.

[JeMeSouviens]

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I've never been convinced by that line of argument. I suspect that UBIG being moved into liquidation means that its assets will be unfrozen. The point of the court freezing UBIG assets was to stop Romanov from taking the assets for himself. Appointing a liquidator means UBIG will be controlled by someone who can distribute any funds raised to its creditors, rather than Romanov.

Makes sense.

Ah well, as much as I liked the idea of them disappearing altogether, they're still deep in the *****. Although they'll get a temporary lift from this news, getting beat on Saturday and papped out of the cup next week will sober them up. Long term they've got to figure out how to get out of Div1, pay back the Biddies and find £10M odd to rebuild Tiny. The Yams that think they'll be "debt free" and back in the top league spending at least double what we or the Sheep can muster are in for a long and painful awakening.

[malagahibby]

This still has a longway to go.
they were always going to accept the offer-would you rather take something rather than nothing?
hearts will be like Portsmouth for many years to come and also they will have to settle all football debts like rangers done which includes 1.5 m to HMRC just for starters.
also they cannot sign anyone over 21 this season and will be relegated which will bring in reduced revenue for at least one season.
the troubles will continue .

[Kato]

A step closer to their fans owning and running the club, which is what I sort of wanted all along.

The idea of that bunch running Hearts appeals greatly to me. They'll be in a much worse position within months.

[Onceinawhile]

Its certainly a good start for them, though as nothing's been fully agreed yet, there is still a Long way to go - look how long it took dunfermline to exit admin after their cva was agreed.

the important thing now is for killie/st mirren/ross county to open up a gap between themselves and hearts before hmfc manage to strengthen in january and potentially after.

lets pump them out the cup and get rid of one of their potential revenue streams!

[JeMeSouviens]

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This still has a longway to go.
they were always going to accept the offer-would you rather take something rather than nothing?
hearts will be like Portsmouth for many years to come and also they will have to settle all football debts like rangers done which includes 1.5 m to HMRC just for starters.
also they cannot sign anyone over 21 this season and will be relegated which will bring in reduced revenue for at least one season.
the troubles will continue .

Their football debts are ~£0.5M (and don't include HMRC). They can't sign anyone until they exit admin. If they exit admin before the end of January, they can sign under 21s. In February, assuming they're out of admin, they can sign over 21 free agents.

[Ozyhibby]

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This still has a longway to go.
they were always going to accept the offer-would you rather take something rather than nothing?
hearts will be like Portsmouth for many years to come and also they will have to settle all football debts like rangers done which includes 1.5 m to HMRC just for starters.
also they cannot sign anyone over 21 this season and will be relegated which will bring in reduced revenue for at least one season.
the troubles will continue .

Definitely does not include £1.5m to hmrc

[Spike Mandela]

As I have stated many times before, the administration route is THE business plan that all fans should be demanding for their debt ridden football clubs. Usually it is the owner who loses millions or some poor patsie's who have lent him money whilst the fans go marching on as romanticised heroes as if they have saved the club but are in fact irrelevant.

Kilmarnock, Aberdeen and other will likely follow suit soon.

[Golden Bear]

http://www.bbc.co.uk/sport/0/football/24628538

[Craig_in_Prague]

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Just like it was a matter of time before liquidation and a CVA wouldn't get agreed. This was always the most likely outcome and all they've got for years of cheating is a 15 point deduction for one season.

It's sad eh, for all this cheating, they deserve to be shut down and lose their ground.
instead - a small deduction in points.

If any club could come out of this mess smelling of roses, its them.