Share Transfers Agreed/Cooling off period

[jdships]

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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?

Re " Stars" . Am not being derogatory at all simply quoting the expression said to me by a couple of " senior " members of Fof H
" We will need to sign at least two or three top class players , one "star " even ( grin) , to take the club forward "
Direct debits are a unknown quantity in the medium to long term . My two close Jambo friends are " reviewing the DD situation in December 2014 "
You speak of a "loan" this is another debt that will have to serviced
Good housekeeping and project management will have to be the watchword from now on
The ECC surveyors dep't made comments last year on the problems that might be faced within the next two to three years regarding the condition of the main stand .

They are being given a great opportunity to salvage their club and I hope the FofH are up for it

[brog]

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

No way Ozy! Sorry!

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

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

Very interesting, Shoeless Bob shares this board's opinion re validity of F of H bid!,

[Liberal Hibby]

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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.

Surely there's also a possibility of the meeting being postponed as UBIG don't yet have a liquidator formally in place? They may want to ask for more time if they are only confirmed tomorrow.

[CropleyWasGod]

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Surely there's also a possibility of the meeting being postponed as UBIG don't yet have a liquidator formally in place? They may want to ask for more time if they are only confirmed tomorrow.

It's the administrator that sets the time limits on these things.

If Ubig don't have time to decide what their vote is, that's the same as a No vote and the CVA fails.

[Ozyhibby]

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It's the administrator that sets the time limits on these things.

If Ubig don't have time to decide what their vote is, that's the same as a No vote and the CVA fails.

Seems strange BDO moving so quickly while Ubig still haven't confirmed an admin?

[CropleyWasGod]

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Seems strange BDO moving so quickly while Ubig still haven't confirmed an admin?

I thought so too.

It could be a sign that money is getting tight. Conversely, it might also mean that BDO have the unofficial approval from both of the potential administrators of UBIG.

[Ozyhibby]

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I thought so too.

It could be a sign that money is getting tight. Conversely, it might also mean that BDO have the unofficial approval from both of the potential administrators of UBIG.

Wouldn't they have to get to work preparing creditors reports etc before they start handing out CVA 's willy nilly.

[Sergey]

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Wouldn't they have to get to work preparing creditors reports etc before they start handing out CVA 's willy nilly.

There was a report in yesterday's Lith press that the insolvency of Ukio has hit the buffers (stopped forthwith) as several creditors are putting in counter-claims - one that was mentioned was the Italian bank, UniCredit.

This is a legal quagmire and BDO are doing the best they can on behalf of FoH, but their hands are well and truly tied as events in Lithuania are out with their control.

[Aldo]

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There was a report in yesterday's Lith press that the insolvency of Ukio has hit the buffers (stopped forthwith) as several creditors are putting in counter-claims - one that was mentioned was the Italian bank, UniCredit. This is a legal quagmire and BDO are doing the best they can on behalf of FoH, but their hands are well and truly tied as events in Lithuania are out with their control.

:-D

[CropleyWasGod]

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Wouldn't they have to get to work preparing creditors reports etc before they start handing out CVA 's willy nilly.

They have been doing work on the reports to creditors. The first one came out with the List of Creditors. The second one will be presented to the creditors with the CVA proposal, and voted on at the meeting.

[greenginger]

Was today, Thursday the 7th, not the day the UBIG administrator, AKA the Yam Savior , not due to be named ?

Don't tell me its been postponed again.

[HibeesLA]

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They have been doing work on the reports to creditors. The first one came out with the List of Creditors. The second one will be presented to the creditors with the CVA proposal, and voted on at the meeting.

Crops, is that 2nd report likely to become public knowledge as with the first? If so, will it come out before or after the creditors vote?

[Ozyhibby]

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They have been doing work on the reports to creditors. The first one came out with the List of Creditors. The second one will be presented to the creditors with the CVA proposal, and voted on at the meeting.

I was meaning Ubig's admin. Surely they will need time to go through all the books before handing out CVA's before Nov 22nd?

[Kato]

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There was a report in yesterday's Lith press that the insolvency of Ukio has hit the buffers (stopped forthwith) as several creditors are putting in counter-claims - one that was mentioned was the Italian bank, UniCredit.

This is a legal quagmire and BDO are doing the best they can on behalf of FoH, but their hands are well and truly tied as events in Lithuania are out with their control.

Spot on Sergey.

http://translate.google.co.uk/transl...%26tbs%3Dqdr:d

I've invested zero emotion into whether they go down the tubes or not (voted for them to survive with years of struggle, out of nostalgia for the early 80's) but have had a hoot along the way. The article points out that the foreign (to Lithuania) companies seeking recompense, which includes Renaissance Insignia Limited, Adreta Limited, Araminta Trading Corp, Avalon overseas services, Castellum Limited, UniCredit and the Klaipeda Regional Waste Management Centre, mean business and are well organised. They all have legal representation in the shape of Law Firm "Pavlov & Army". Sounds like they're well tooled up.

The story that keeps on giving, another year or two please. Love a courtroom drama.

[CropleyWasGod]

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Crops, is that 2nd report likely to become public knowledge as with the first? If so, will it come out before or after the creditors vote?

Pretty sure it will be lodged at Companies House before the meeting. Robin will be along to confirm or otherwise :-)

[Jonnyboy]

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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.

Or a cheque payable to Campaign Against Saving Hearts (if you cant be bothered writing that out in full, initials will do)

[hibs0666]

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Spot on Sergey.

http://translate.google.co.uk/transl...%26tbs%3Dqdr:d

I've invested zero emotion into whether they go down the tubes or not (voted for them to survive with years of struggle, out of nostalgia for the early 80's) but have had a hoot along the way. The article points out that the foreign (to Lithuania) companies seeking recompense, which includes Renaissance Insignia Limited, Adreta Limited, Araminta Trading Corp, Avalon overseas services, Castellum Limited, UniCredit and the Klaipeda Regional Waste Management Centre, mean business and are well organised. They all have legal representation in the shape of Law Firm "Pavlov & Army". Sounds like they're well tooled up.

The story that keeps on giving, another year or two please. Love a courtroom drama.

Does this affect both the good-bad bit of the bank and the bad-bad bit of the bank?

[Sergey]

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Does this affect both the good-bad bit of the bank and the bad-bad bit of the bank?

One would have thought that the Scottish press would have the answer to that - or maybe BDO would have come out with a statement, but nae chance of that as it would upset the apple-cart that is the FoH PR spin that everything is running smoothly.

FFS - there's even a direct quote from Adomonis saying that no creditors meetings can take place.

Out of admin before the end of the year? I think not!

[Kato]

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Does this affect both the good-bad bit of the bank and the bad-bad bit of the bank?

I think it's the bad, bad, leroy brown bit of the bank.

Nae Christmas for them again.

Begging bowls will be out before the first advent calendar window is open never mind transfer window.

[Prof. Shaggy]

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Crops, is that 2nd report likely to become public knowledge as with the first? If so, will it come out before or after the creditors vote?

Don't be silly.
The report will become public knowledge when Mr Crops decides it will become public knowledge.

Neither an hour sooner nor later.

[Liberal Hibby]

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The article points out that the foreign (to Lithuania) companies seeking recompense, which includes Renaissance Insignia Limited, Adreta Limited, Araminta Trading Corp, Avalon overseas services, Castellum Limited, UniCredit and the Klaipeda Regional Waste Management Centre, mean business and are well organised. .

Pedant hat on. Klaipedia is the main port in Lithuania - one of the Hansiatic ports that in Prussian times was known as Memel. Sounds like Vlad may have ripped off the people who cleaned his submarine

[Dashing Bob S]

The only people that have been able to help Hearts this season have been us - we've probably kept them going another month with the League Cup semi. Sadly, Celtic will probably deny us the opportunity to help them out gain, in the Scottish Cup.

[brog]

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The only people that have been able to help Hearts this season have been us - we've probably kept them going another month with the League Cup semi. Sadly, Celtic will probably deny us the opportunity to help them out gain, in the Scottish Cup.

Congrats on 20,000 posts! Treat yourself to a tincture old chap!

[hibees 7062]

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One would have thought that the Scottish press would have the answer to that - or maybe BDO would have come out with a statement, but nae chance of that as it would upset the apple-cart that is the FoH PR spin that everything is running smoothly.

FFS - there's even a direct quote from Adomonis saying that no creditors meetings can take place.

Out of admin before the end of the year? I think not!

Adam McCaw, solicitor and licensed insolvency practitioner:
"If 75% in value of those creditors IN ATTENDANCE and voting at the meeting approve the proposal then, subject to 50% in value of the creditors with no connection to the company also having voted in favour, it will become a CVA binding all of the creditors who were entitled to vote whether they did or not

[Leishy1995]

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One would have thought that the Scottish press would have the answer to that - or maybe BDO would have come out with a statement, but nae chance of that as it would upset the apple-cart that is the FoH PR spin that everything is running smoothly.

FFS - there's even a direct quote from Adomonis saying that no creditors meetings can take place.

Out of admin before the end of the year? I think not!

For a financial rookie, does that mean they can't talk about a CVA with Hearts/BDO/Foh?

[HUTCHYHIBBY]

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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.

And then there are those pesky frozen shares to consider too!

[greenginger]

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Adam McCaw, solicitor and licensed insolvency practitioner:
"If 75% in value of those creditors IN ATTENDANCE and voting at the meeting approve the proposal then, subject to 50% in value of the creditors with no connection to the company also having voted in favour, it will become a CVA binding all of the creditors who were entitled to vote whether they did or not

It certainly looks like UBIG's failure to vote would not count as a No vote.

However getting 50% of the creditors with no connection to the Company to vote in favour may screw them especially if Hectors £ 1.8 million goes against the motion.

[Ozyhibby]

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Adam McCaw, solicitor and licensed insolvency practitioner:
"If 75% in value of those creditors IN ATTENDANCE and voting at the meeting approve the proposal then, subject to 50% in value of the creditors with no connection to the company also having voted in favour, it will become a CVA binding all of the creditors who were entitled to vote whether they did or not

I would imagine that they need Ubig to vote in favour otherwise they would not be sweating on the appointment of an admin for them.

[Jack]

What's a report to creditors?

Just so that we can all be clear :-)

[spike220]

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What's a report to creditors?

Just so that we can all be clear :-)

I am going to take a wild stab in the dark here and suggest it is some kind of report that is shared with people who are owed money!! I hope that clears it up