Share Transfers Agreed/Cooling off period

[jacomo]

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The admins agreed that BDO could submit a CVA. This only means that they will consider it. Could be they have forced BDO/FOH hand and will make a decision either way. They are only following procedure as far as I can see.

TBH I think you are clutching at straws here. Of course the CVA could fail but BDO aren't in the business of setting themselves up for a fall.

The offer for the real estate seems low but they may have told the Lithuanians that there is little prospect of a successful sale of Tynecastle without co-operation of the fans, and that any developer seen to be kicking the club out of their home would face a severe backlash.

[#FromTheCapital]

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The admins agreed that BDO could submit a CVA. This only means that they will consider it. Could be they have forced BDO/FOH hand and will make a decision either way. They are only following procedure as far as I can see.

Dont think they would've agreed to proceed with a CVA without knowing what the offer was for. The way I understand it is the ukio admins aren't the ones who will accept or reject a CVA, that's down to the creditors of ukio. However the admins will recommend that they accept, so in all likelihood they will. Although that could be a load of pish.

[SloopJB]

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http://www.bbc.co.uk/sport/0/football/24842084

This article lays out details of the CVA which sounds very straightforward
For £3,000,001 TFofH will take control of the club.
We are told that money is " in the bank " - YES ?

Question :- Once the purchase is completed who is putting up the capital to run the club on a day today basis and to pay wages to attract the " stars" they talk about to the PBS .
What happens when the old stand is condemned at the next building inspection ( this is a very strong rumour going the rounds from with ECC ) ?

We are told the money is there by way of a loan
The direct debits will assist with the running of the club as will day to day football income.
As for "stars", is this added just as a derogatory comment? They will either live within their means or fail.
The safety certificate is done on an annual basis. what has changed from last year?

[CropleyWasGod]

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Dont think they would've agreed to proceed with a CVA without knowing what the offer was for. The way I understand it is the ukio admins aren't the ones who will accept or reject a CVA, that's down to the creditors of ukio. However the admins will recommend that they accept, so in all likelihood they will. Although that could be a load of pish.

A CVA can't be approved without the support of UBIG, no matter what UKIO say.

[Dashing Bob S]

Well roll on the 22nd November, and let's settle this now tedious argument between the 'their *ucked' brigade and 'they're going to get away it' mob. (The new Happy Clappers and Doom & Gloom squads.)

[Sergey]

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A CVA can't be approved without the support of UBIG, no matter what UKIO say.

I've just popped over to Kickback and they STILL DON'T GET THE GIG.

No UBIG shares = No CVA approval.

The Yams are truly brainless cretins and some are still asking who owns what - Just chuck your money at FoH and everything will be fine

GIRFUY

[#FromTheCapital]

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A CVA can't be approved without the support of UBIG, no matter what UKIO say.

Yes the UBIG situation is another matter. I was referring only to Ukio's acceptance of the CVA.

[Gus Fring]

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A CVA can't be approved without the support of UBIG, no matter what UKIO say.

BINGO! This is the point every halfwit that supports Hearts is missing! Nobody knows what they are going to do because the admin hasn't even been appointed yet. BDO have had talks with UKIO, they've had 0 involvement with UBIG. For all we know the UBIG Admin wants to screw hearts for every penny they can.

Also,

THE SHARES ARE STILL FROZEN!

[Hibby Kay-Yay]

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Well roll on the 22nd November, and let's settle this now tedious argument between the 'their *ucked' brigade and 'they're going to get away it' mob. (The new Happy Clappers and Doom & Gloom squads.)

I like the new happy clappers...but I also like the doom & gloom squad. I wonder which one I like the most??

There's only one way to find out...

[CropleyWasGod]

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Yes the UBIG situation is another matter. I was referring only to Ukio's acceptance of the CVA.

Think you've missed my point. To get the CVA approved, there has to be 75% acceptance by the unsecured creditors. Ukio can't achieve that on their own. They have to have Ubig approval as well.

That is a separate matter from the shares problem.

[#FromTheCapital]

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Think you've missed my point. To get the CVA approved, there has to be 75% acceptance by the unsecured creditors. Ukio can't achieve that on their own. They have to have Ubig approval as well.

That is a separate matter from the shares problem.

No I got you first time round, not as thick as I seem

[CropleyWasGod]

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No I got you first time round, not as thick as I seem

Ok cool......

Want to tell the Yams?

[weecounty hibby]

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Ok cool......

Want to tell the Yams?

No point, they are even thicker than they seem!!!!!

[#FromTheCapital]

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Ok cool......

Want to tell the Yams?

I'd prefer for them to continue with their ignorant approach so if it does go tits up for them it will be much funnier to see.

[Mon Dieu4]

This amused me, Bob Jamieson is a Yam baiting machine!!

https://m.facebook.com/messages/read...ser=1067766116

[Dashing Bob S]

I used to despair that Scottish journalist seemed unable to read and grasp the simple points made by CWG, Sergey and Bajillions about the CVA, UBIG and the frozen shares pending investigation. Now I realise they are just spinning a cynical narrative to rope the Kickback dopes in, so they can spin the story as the great tragedy when the almost inevitable happens.

But Hibs fans should leave being led up the garden path to the Jambos. This story is only going to get bleaker for them. I'd personally love a CVA to go through on the FOH bid - it would such fun watching the bitter Jambo civil war, as they tried to make a go of this unworkable mess of a business plan.

So that is by far my preferred best result, as liquidation still leaves them a united support, trying to work their way through the leagues with a 'well, we had good times, 5-1 etc' mentality.

But I suspect that I'm being greedy and it just ain't going to happen. I fear we shall have settle for liquidation following admin.

[Weststandwanab]

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I used to despair that Scottish journalist seemed unable to read and grasp the simple points made by CWG, Sergey and Bajillions about the CVA, UBIG and the frozen shares pending investigation. Now I realise they are just spinning a cynical narrative to rope the Kickback dopes in, so they can spin the story as the great tragedy when the almost inevitable happens.

But Hibs fans should leave being led up the garden path to the Jambos. This story is only going to get bleaker for them. I'd personally love a CVA to go through on the FOH bid - it would such fun watching the bitter Jambo civil war, as they tried to make a go of this unworkable mess of a business plan.

So that is by far my preferred best result, as liquidation still leaves them a united support, trying to work their way through the leagues with a 'well, we had good times, 5-1 etc' mentality.

But I suspect that I'm being greedy and it just ain't going to happen. I fear we shall have settle for liquidation following admin.

I agree and I think this "C.V.A. proposal" is the start of the end game

[Dashing Bob S]

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I agree and I think this "C.V.A. proposal" is the start of the end game

A couple of weeks ago we heard that the CVA 'was agreed'.

Then, when somebody asked 'agreed by whom?' we learned that FOH had agreed to submit the CVA to BDO, who had 'agreed' to pass it on UKIOS, who had agreed to consider it. So far, so inevitable, and out of admin by Christmas and let the signing of the World Cup stars and building of new stands etc commence.

Then we found that UKIOS had 'agreed' nothing with UBIG, who didn't have their admin appointed to 'agree' anything, and who wants to get the absolute maximum for the Lith taxpayer, and who's in no position in any case to 'agree' to anything as their shares are frozen by the Lithuanian authorities as part of a large scale ongoing fraudulent criminal investigation.

So now the CVA 'agreement' has gone back to being a proposal, but one that is 'almost certain' to be 'agreed'.

I'm dreadfully sorry, Los Yambolinos, (and Hibby self-flagellators) but no, no, no.

[Jack]

I'm owe you at least a tenner, well £70 if you want to go back a bit that I never paid you cause I thought you were a dafty, but I've now got 2.50 if you want that?

Deary me I've just stuck a 50p in the bandit, oh there's another 50p gone. If you take what's left we'll call it quits eh?


If anyone here would say yes to that can they please, PLEASE PM me so we get the ball rolling! The first £60 should be in used tenners and marked "Jacks SFA for equity" and left behind the bar at the Harp. The other tenner comes with an absolute promise I'll pay it back, even if I have to sell my house ;-) ;-) nudge, nudge say no more, say no more.

[JeMeSouviens]

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A couple of weeks ago we heard that the CVA 'was agreed'.

Then, when somebody asked 'agreed by whom?' we learned that FOH had agreed to submit the CVA to BDO, who had 'agreed' to pass it on UKIOS, who had agreed to consider it. So far, so inevitable, and out of admin by Christmas and let the signing of the World Cup stars and building of new stands etc commence.

Then we found that UKIOS had 'agreed' nothing with UBIG, who didn't have their admin appointed to 'agree' anything, and who wants to get the absolute maximum for the Lith taxpayer, and who's in no position in any case to 'agree' to anything as their shares are frozen by the Lithuanian authorities as part of a large scale ongoing fraudulent criminal investigation.

So now the CVA 'agreement' has gone back to being a proposal, but one that is 'almost certain' to be 'agreed'.

I'm dreadfully sorry, Los Yambolinos, (and Hibby self-flagellators) but no, no, no.

I would have agreed with your general thrust if it hadn't been for the quotes from the Valnetas guy about the Yams' tenacity etc. On the face if it, £2.5M seems laughably low for a £5M+ asset, but I'm not sure Valnetas would put out such publicly supportive comments and then vote no.

Otoh, the fat pompous ******** MP seems almost self effacing in his comments yesterday, which goes well against the grain.

[Pinkie]

I have wondered about that Valnetas quote a few times, JMS. It was made very soon after the Hearts fans were making lots of noise about having Tynecastle listed in order to reduce its attractiveness to a developer (and therefore, its value). I can't remember the exact wording of the Valnetas quote but when I first read it, the optimist in me thought that he was hinting at "these Hearts fans are persistent, they have made it clear that they care not a rap about any creditors and, given that they are now actively and publicly trying to reduce the value of the assets in order to force a CVA, I'm flushing these FOH jokers out now".

I'm probably way off with this interpretation but it's nice to dream.

[greenginger]

I'm sure the Ukio admin. made reference to letting the Ukio Bankas Creditors Committee have a say as to accepting the offer/liquidating.A guy called Richard Daliboga got a few quotes in the Lith. press but does not seem to be in the loop now.

The Lith media seem very uninterested in the whole Yam situation. I wonder if Sergey could use his Lith contact to get a story out that the Lithuanian people are getting taken for mugs a second time.

First by Vlad, and the by the FoH group who want the club for a fraction of the Real Estate value and are dumping on millions of Lithuanian debt. A mention that there are millionaires in the buying consortium but they want to keep their money to buy star players etc. rather than settle any of the Club debts to charities and the rest.

There is a story there I'm sure the Lithuanian equivalent of the " Sun " could run if we could get the info to the right person.

[Islington Hibs]

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http://www.bbc.co.uk/sport/0/football/24842084

This article lays out details of the CVA which sounds very straightforward
For £3,000,001 TFofH will take control of the club.
We are told that money is " in the bank " - YES ?

Question :- Once the purchase is completed who is putting up the capital to run the club on a day today basis and to pay wages to attract the " stars" they talk about to the PBS .
What happens when the old stand is condemned at the next building inspection ( this is a very strong rumour going the rounds from with ECC ) ?

It is a good question!

They will have to live within their means which will be pretty modest in the Championship. Further I doubt the Bank of Scotland (or whoever they bank with now) will give them much of a line of credit. So if FoH run the show they are likely to stumble on and be pretty poorly led with numerous different interests. This still should be pay back time (in theory anyway!)

If all this goes through- and we don't really know yet- the biggest risk to Hibs is that some serious businessman then buy's Hearts from FoH and puts proper capital in. Think this is pretty unlikely as no one serious has yet put their hand up and who in their right mind would put millions into a club with a rubbish stadium and infrastructure and into Scottish football dominated by Celtic and perhaps Servco in time?

[Ozyhibby]

Am I correct in thinking that by Nov 22nd this will be all over, one way or another?

[Part/Time Supporter]

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Am I correct in thinking that by Nov 22nd this will be all over, one way or another?

No. Even in the best case scenario for Hearts - Ukio and UBIG both agree to the sale and there are no legal problems preventing a sale - there would still be a 28 day "cooling off" period after the CVA vote on the 22nd. Despite the headlines in one or two outlets today of "out of administration this month", the earliest Hearts could formally come out of administration is 20th December. Indeed, in the case of Dunfermline, it took about three months from their CVA being approved until they were ready to formally exit administration.

Equally, the worst case scenario - Ukio say to FOH that their offer isn't enough - doesn't necessarily mean they would be put into liquidation a day or two after the 22nd. This offer by FOH isn't like the offer Charles Green made for Rangers, where he gained control of the business and assets either way (CVA approved or liquidation). FOH are only offering the money on the basis that the CVA is approved. So if the CVA is rejected it would stay in the control of BDO and they would then have to figure out how to proceed.

[Ozyhibby]

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No. Even in the best case scenario for Hearts - Ukio and UBIG both agree to the sale and there are no legal problems preventing a sale - there would still be a 28 day "cooling off" period after the CVA vote on the 22nd. Despite the headlines in one or two outlets today of "out of administration this month", the earliest Hearts could formally come out of administration is 20th December. Indeed, in the case of Dunfermline, it took about three months from their CVA being approved until they were ready to formally exit administration.

Equally, the worst case scenario - Ukio say to FOH that their offer isn't enough - doesn't necessarily mean they would be put into liquidation a day or two after the 22nd. This offer by FOH isn't like the offer Charles Green made for Rangers, where he gained control of the business and assets either way (CVA approved or liquidation). FOH are only offering the money on the basis that the CVA is approved. So if the CVA is rejected it would stay in the control of BDO and they would then have to figure out how to proceed.

There's nothing simple about this. I'm impatient for their demise.

[spike220]

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I agree and I think this "C.V.A. proposal" is the start of the end game

At this moment I am waiting on the middle of the start game, let alone the end of the start game.

[GloryGlory]

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A couple of weeks ago we heard that the CVA 'was agreed'.

Then, when somebody asked 'agreed by whom?' we learned that FOH had agreed to submit the CVA to BDO, who had 'agreed' to pass it on UKIOS, who had agreed to consider it. So far, so inevitable, and out of admin by Christmas and let the signing of the World Cup stars and building of new stands etc commence.

Then we found that UKIOS had 'agreed' nothing with UBIG, who didn't have their admin appointed to 'agree' anything, and who wants to get the absolute maximum for the Lith taxpayer, and who's in no position in any case to 'agree' to anything as their shares are frozen by the Lithuanian authorities as part of a large scale ongoing fraudulent criminal investigation.

So now the CVA 'agreement' has gone back to being a proposal, but one that is 'almost certain' to be 'agreed'.

I'm dreadfully sorry, Los Yambolinos, (and Hibby self-flagellators) but no, no, no.

Slightly OT, but co-incidence?

http://www.edinburghnews.scotsman.co...ston-1-3177833

The Bidco "businesspersons" putting money on the table to let Fannieco buy Yams' shares wouldn't also have connections with this proposed development, would they? Wonder what security they want from Fannieco - presumably Tinie, if Fannieco get their mitts on that? ISTR a previous version of this scheme included a sports stadium.

[Weststandwanab]

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A couple of weeks ago we heard that the CVA 'was agreed'.

Then, when somebody asked 'agreed by whom?' we learned that FOH had agreed to submit the CVA to BDO, who had 'agreed' to pass it on UKIOS, who had agreed to consider it. So far, so inevitable, and out of admin by Christmas and let the signing of the World Cup stars and building of new stands etc commence.

Then we found that UKIOS had 'agreed' nothing with UBIG, who didn't have their admin appointed to 'agree' anything, and who wants to get the absolute maximum for the Lith taxpayer, and who's in no position in any case to 'agree' to anything as their shares are frozen by the Lithuanian authorities as part of a large scale ongoing fraudulent criminal investigation.

So now the CVA 'agreement' has gone back to being a proposal, but one that is 'almost certain' to be 'agreed'.

I'm dreadfully sorry, Los Yambolinos, (and Hibby self-flagellators) but no, no, no.

Spot on !

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Am I correct in thinking that by Nov 22nd this will be all over, one way or another?

No.

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At this moment I am waiting on the middle of the start game, let alone the end of the start game.

End game, in my opinion, that the Flounderingation of Hearts offer will be rejected

[greenginger]

I think I read that there was a minimum 17 days notice to be given for the offer to the date of the meeting. I'm sure some of the more obscure creditors in lithuania, Luxemburg and Hungry might not be in receipt of the notice unless they were sent last week. If they were I'm surprised the was no mention from any of the creditors ?