Share Transfers Agreed/Cooling off period

[green glory]

@BBCBMcLauchlin: Further delay in Hearts parent company Ubig insolvency case being heard in Lithuanain court. Now in for a 10.00 start tomorrow morning.

[Leithenhibby]

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@BBCBMcLauchlin: Further delay in Hearts parent company Ubig insolvency case being heard in Lithuanain court. Now in for a 10.00 start tomorrow morning.

Pleasing... Keep them sweating

[JeMeSouviens]

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Was he able to sell Portsmouth despite the assets being frozen though?

If so maybe a precedent was set so won't be as complicated when it comes to selling hertz.

Portsmouth are a newco. The new club was allowed to inherit the old club's league position because they satisfied the creditors (effectively as per a CVA) of the old club.

It's possible Doncaster and Regan might try and pull the same stunt with the Yams if they agree a CVA but can't get the shares. I think the wailing of the Hun hordes would stop any move like that in its tracks though.

[greenginger]

Scanning back on a few articles on the Yams demise and this caught my attention.


http://www.lithuaniatribune.com/3481...ase-201334819/

Second last para.

" ......based on information provided by the Central Bank about suspicious transactions concluded in 2005 through to 2012. "

Now are these not the dates when Vlad took over at the PBS to when funding ceased ?

[Leithenhibby]

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Scanning back on a few articles on the Yams demise and this caught my attention.


http://www.lithuaniatribune.com/3481...ase-201334819/

Second last para.

" ......based on information provided by the Central Bank about suspicious transactions concluded in 2005 through to 2012. "

Now are these not the dates when Vlad took over at the PBS to when funding ceased ?

2+2

[IWasThere2016]

http://www.bbc.co.uk/sport/0/football/24704436

[Corstorphine Hibby]

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I've just had a look at the Portsmouth time-line.

Portsmouth went into administration on 23rd November 2011 and the reformed club owned by the Pompey Supporters Trust exited administration on 19th April 2013. That's nigh-on 18 months in administration.

Trevor Birch really should be making the Fuds aware of these times. "Out of Admin by Christmas" - aye, pull another cracker.

Any idea how much the administrators fees were in the Pompey case Sergey ?

[Sergey]

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Any idea how much the administrators fees were in the Pompey case Sergey ?

According to this report it was £2.2m

http://www.accountancyage.com/aa/new...gbp22m-in-fees

Edit: Having read the report, there is still another couple of months to add to the £2.2m as the deal wasn't concluded until April of this year - the amount quoted is up to January

[the_ginger_hibee]

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http://www.bbc.co.uk/sport/0/football/24704436

I like this bit

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BDO was able to begin the process of putting together a company voluntary arrangement offer to creditors last Tuesday.
That came after administrators of Ukio Bankas, which controls about 30% of the club's shares, gave their approval for the process to begin.

Pretty much sums up last week’s backslapping yam-fest as much ado about nothing.

Event – BDO given permission to look at possible CVA process.
Allisbarry – Hearts saved. CVA agreed. Big Team. 5 -1.

[PatHead]

Foundation of Hearts chairman Ian Murray MP is hopeful a "massive" week for the embattled Tynecastle club will begin today with parent company Ubig finally being declared bankrupt, a pivotal step as they work towards a successful takeover of the club presently in administration.
Full story: The Scotsman - Unlucky Mr Murray week not starting quite as well as you hoped.

[Hibby Kay-Yay]

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Foundation of Hearts chairman Ian Murray MP is hopeful a "massive" week for the embattled Tynecastle club will begin today with parent company Ubig finally being declared bankrupt, a pivotal step as they work towards a successful takeover of the club presently in administration.
Full story: The Scotsman - Unlucky Mr Murray week not starting quite as well as you hoped.

Aye but he goes on to say that this time next week they'll have a CVA and be in the semi final of the cup

#allisbarry

[Dashing Bob S]

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Indeed and I'd like to see the look on their faces when they find out their sister's their mother

Yes, and trying to agree a CVA will be a bit like trying to sort out adoption papers for that crowd of squabbling mutants.

[Col2]

I dont understand why they are pinning everything on tomorrow decision? What exactly do they expect tomorrow other than best case for then UBIG have a liquidator appointed.

If the shares are frozen and UBIG as a whole are under proceeds of crime act constraints then the liquidator will have conditions to work within. Is it not reasonable to assume this info wont be available until weeks if not months down the line?

[hibees 7062]

To build yourself up to a decision being made, and then it is postponed, is frustrating. And I am sure it is worse for the fans, who are desperate for information. The fear is that it drags on any longer than this week.”

Is he not a fan ?

[Geo_1875]

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To build yourself up to a decision being made, and then it is postponed, is frustrating. And I am sure it is worse for the fans, who are desperate for information. The fear is that it drags on any longer than this week.”

Is he not a fan ?

He's more than a fan. He's a fanny.

[#FromTheCapital]

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I dont understand why they are pinning everything on tomorrow decision? What exactly do they expect tomorrow other than best case for then UBIG have a liquidator appointed.

If the shares are frozen and UBIG as a whole are under proceeds of crime act constraints then the liquidator will have conditions to work within. Is it not reasonable to assume this info wont be available until weeks if not months down the line?

I suppose a good outcome for them would be if UBIG's admin turned out to be the same as UKIO's? Not sure if that's possible though and it wouldn't change anything regarding the frozen shares.

[greenginger]

http://www.lrytas.lt/verslas/rinkos-...nko-dvynys.htm


Article in today's Lith. press about Vlad's money laundering set-up using his Bosnian Bank and Ukio Bankas. ( sorry about the Google translate )

One of the " customers " was Osama Bin Laden, the Heart and Soul of Edinburgh F C right enough !

Footnote. I should have added that the Bosnian Bank was set up by UBIG. That might be something for the attention of the Administrator before he gets round to the shares of a silly wee football club in Edinburgh.

[lapsedhibee]

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http://www.lrytas.lt/verslas/rinkos-...nko-dvynys.htm


Article in today's Lith. press about Vlad's money laundering set-up using his Bosnian Bank and Ukio Bankas. ( sorry about the Google translate )

One of the " customers " was Osama Bin Laden, the Heart and Soul of Edinburgh F C right enough !

It would be too harsh to sing songs/chant chants about The Famous which included references to terrorism as well as kiddiefiddling and poppythieving.

[Springbank]

Where hmfcia and morality are concerned, we should not be surprised if/when jambos find a warped justification that allows them to continue saying "it was all worth it"

They are worthless

[brog]

In responding to another thread I revisited the list of shame, aka Yams creditors. I noticed several football agents ( owed tens of thousands ). A fairly cursory check revealed Yams are due money to agents representing current first team players; Wilson, Tapping, McHattie, Carrick & Nicholson as well as ex player Gorgeous Kevin Kyle! Once again we have the skewed morality, these agents almost certainly paricipated in signing talks with Yams for these players. They haven't been paid but these players can represent Yams! Worse is the £12,000 due to Stenhousemuir. As the bloodied turd strip wearers ( ack to DBS ) haven't played each other for 13 years I assume this debt relates to a component of Templeton's transfer fee, possibly due after x number of appearances. So while Templeton was scoring against us & bringing in about £700,000, Yams hadnt paid Stenny £12k. Now I have a vague memory that Yams U-19s may have used Stenny as a base. Yams do have previous with Arbroath & Andy Webster however so I prefer my original scenario!
The team with no shame!

[dangermouse]

Here's hoping the judge is too busy again today to bother about this

[greenginger]

I would guess the £ 12,000 due to Stenny would be a sell on % after the Yams sold the player to Sevco F C.

Heart and Soul F C shafting small, part-time club. Is'nt Stenny where Ogilvie hangs out now so he can keep his SFA blazer ?

[Keith_M]

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Here's hoping the judge is too busy again today to bother about this

Any news if this is actually going ahead today?

[Dashing Bob S]

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Any news if this is actually going ahead today?

I doubt anything will happen today, or tomorrow, other than a continuation of the slow descent into oblivion.

[Leithenhibby]

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I doubt anything will happen today, or tomorrow, other than a continuation of the slow descent into oblivion.

I'm right in saying that the Lithuanian courts are shut until after Christmas, no!....

They will be sweating buckets, I'm sure of that........

[The Falcon]

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It would be too harsh to sing songs/chant chants about The Infamous which included references to terrorism as well as kiddiefiddling and poppythieving.

[Onceinawhile]

I can only assume the appointment has been made. We've heard every time its been postponed, yet we haven't heard Anything today. In addition I'm sure it was said that once an appointment was made we wouldn't hear for 30 days, so It looks like we might hear something in a month or so.

[green glory]

@BBCBMcLauchlin: Further delay in Hearts parent company Ubig insolvency case being heard in Lithuanain court. Now in for a 10.00 start tomorrow [Tuesday] morning.

@BBCBMcLauchlin: BBC Scotland has learned that UAB Insolvensa have been appointed as bankruptcy administrators for Hearts parent company UBIG.#bbcsportscot

If Ukio Bankas's admin is Valnetas UAB, then this could be bad news for the maroon buffoons I would have thought.

More:

@BBCBMcLauchlin: A final decision on the appeals over the liquidation of UBIG has yet to be made public by the courts in Lithuania.#BBCSPORTSCOT

[Wee Scottie Dug]

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@BBCBMcLauchlin: BBC Scotland has learned that UAB Insolvensa have been appointed as bankruptcy administrators for Hearts parent company UBIG.#bbcsportscot

Cant be bothered looking back through the pages of this thead but was that not the administrator appointed months ago when it first came to light?

Certainly remember chuckling at the 'imaginative' name at the time!!

[brog]

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I would guess the £ 12,000 due to Stenny would be a sell on % after the Yams sold the player to Sevco F C.

Heart and Soul F C shafting small, part-time club. Is'nt Stenny where Ogilvie hangs out now so he can keep his SFA blazer ?

Makes sense though is a very small % if thats case. Templeton's fee was reported as £700,000 so the £12k due would be less than 2%. The only certainty is the Yams cheated again.