Share Transfers Agreed/Cooling off period

[Gus Fring]

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Is 'your source' still of the opinion that Hertz' survival chances are around 6%?

They're still not confident. As usual, the media are getting over enthusiastic about things and are jumping 10 steps ahead.

Time is what will likely kill Hearts now in my opinion. Every day that passes is another that makes it difficult for BDO to justify not liquidating. They are in danger of clinging on for so long that the club is worth nothing and a CVA is no longer possible/likely.

[JimBHibees]

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The rugger is on Sunday this week isn't it?

Didnt know that even stranger that the game wasnt on the Saturday then.

[Saorsa]

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Alex Mackie was one of the original founders of foh and was by all accounts a good guy with hearts best interests at heart, he had been falling out with the politicians that have got involved as he felt they had ulterior motives and couldn't be trusted.

I'd say this is bad news for hearts.

and good news for everybody else.

[Weststandwanab]

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They're still not confident. As usual, the media are getting over enthusiastic about things and are jumping 10 steps ahead.

Time is what will likely kill Hearts now in my opinion. Every day that passes is another that makes it difficult for BDO to justify not liquidating. They are in danger of clinging on for so long that the club is worth nothing and a CVA is no longer possible/likely.

That is exactly how I have imagined (from the day of their Administration) this saga would pan out. DF will be a big loss to the cause and may speed things up considerably but 22nd November will speed it further.

[EK_Hibs]

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They're still not confident. As usual, the media are getting over enthusiastic about things and are jumping 10 steps ahead.

Time is what will likely kill Hearts now in my opinion. Every day that passes is another that makes it difficult for BDO to justify not liquidating. They are in danger of clinging on for so long that the club is worth nothing and a CVA is no longer possible/likely.

Whilst it's good your source is still not confident I just can't see the yams 'running out of money', I'm not buying that... If it became SO desperate that they needed to sell out the ground again then smarmy Southern would just get the begging bowl out, mention 1914 and they'd rally as they did before.
As was posted on this very thread a while back, BDO already told the Ukio admin and also the yam shareholders that they'd agreed to cap their own fees so presumably that meter's not still running?

I'd like to hear more about HMRC's possible influence in the CVA approval?
If there's any truth in that then that could be a goer.

[Jim44]

As you might expect, they are putting a positive spin on the resignations. Apparently, Ford is busy with his own business and this would hinder his contribution to FOH.
Mackie is a self centred individual who has out-grown his usefulness. Allisstillbarry!

[brog]

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Whilst it's good your source is still not confident I just can't see the yams 'running out of money', I'm not buying that... If it became SO desperate that they needed to sell out the ground again then smarmy Southern would just get the begging bowl out, mention 1914 and they'd rally as they did before.
As was posted on this very thread a while back, BDO already told the Ukio admin and also the yam shareholders that they'd agreed to cap their own fees so presumably that meter's not still running?

I'd like to hear more about HMRC's possible influence in the CVA approval?
If there's any truth in that then that could be a goer.

Can you find that quote please? I think I remember them saying something about capping expenses but not fees. If fees were to be capped they would be working for nothing &, unlike the poor people at PBS, that is not going to happen.

[stevejordan]

I Can see the whole thing falling appart now tere is obvious in fighting going on already.

[Onceinawhile]

It's a bit sad that the man who had the idea for foh and was it's leader to start with has been pushed out just as it looks like it's about to achieve the aim he wanted it too.

ah well, sucks to be him.

[Gus Fring]

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Whilst it's good your source is still not confident I just can't see the yams 'running out of money', I'm not buying that... If it became SO desperate that they needed to sell out the ground again then smarmy Southern would just get the begging bowl out, mention 1914 and they'd rally as they did before.
As was posted on this very thread a while back, BDO already told the Ukio admin and also the yam shareholders that they'd agreed to cap their own fees so presumably that meter's not still running?

I'd like to hear more about HMRC's possible influence in the CVA approval?
If there's any truth in that then that could be a goer.

FWIW my source doesn't think they'll run out of work either. They're making more than they spend just now generally speaking but Hearts can't stay in admin forever and BDO need to take the next step at some point, they are hoping that's via a CVA just now. If there are further delays or problems with that then things get even more difficult.

How long is acceptable for an administrator to essentially work for free waiting for a CVA? I'm sure BDO won't want it to drag on for another 6 months.

[Treadstone]

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As was posted on this very thread a while back, BDO already told the Ukio admin and also the yam shareholders that they'd agreed to cap their own fees so presumably that meter's not still running?

Was that not just hearsay ?

[EK_Hibs]

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Was that not just hearsay ?

I was forwarded the 'minutes' from a HoMFC shareholders meeting a couple of months ago by my yam work colleague and it was Trevor Birch of BDO who confirmed they'd agreed with the Ukio Admin to cap their fee.

Time will tell I suppose.

[Ozyhibby]

So long as the Hearts fans are not responsible for paying BDO's fees themselves they run the risk that someone will pull the plug.

[PatHead]

Sent the resident Jambo at work an email asking for his thoughts on Ford and Mackie's departure. His response-

I will await my email from FOH to explain the latest developments although it was always the plan that there would be an orderly departure of directors

At the appropriate time? - Head in the sand or what, move along nothing to see here.

[CyberSauzee]

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It's a bit sad that the man who had the idea for foh and was it's leader to start with has been pushed out just as it looks like it's about to achieve the aim he wanted it too.

ah well, sucks to be him.

The Brian Jones of FoH?

[Geo_1875]

To be honest it sounds like they are stepping back before the **** hits the fan.

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The Brian Jones of FoH?

Hopefully that makes Ian Murray MP the Jim Jones of FoH.

[Hermit Crab]

They still have 9 members left.

[greenginger]

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I was forwarded the 'minutes' from a HoMFC shareholders meeting a couple of months ago by my yam work colleague and it was Trevor Birch of BDO who confirmed they'd agreed with the Ukio Admin to cap their fee.

Time will tell I suppose.

Cap their fees could mean we won't increase our hourly rates by whatever % they are charging new clients.

from BDO appointment statement

.....the Joint Administrators' remuneration be fixed on a time cost basis .... etc. I can't really see them working for nought, they ain't a charity.

[Jack]

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Donald Ford is a man of great integrity and (despite this) is very popular with the Hearts fans. This development spells bad news for the merricks IMHO.

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I don't know him personally but a member of my family is good mates with him. From what I understand Mackie is very much old school hearts and hasn't liked what vlad has done to the club and he's been trying to get this take over going while they were enjoying their success. Seems unlikely he'd pull out now if they were about to.succeed

Ford loves hearts and it probably broke his to step down. His disgust at what was going on with vlad was a great illustration that not all the yams are the same. A gent.

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As you might expect, they are putting a positive spin on the resignations. Apparently, Ford is busy with his own business and this would hinder his contribution to FOH.
Mackie is a self centred individual who has out-grown his usefulness. Allisstillbarry!

Ford must be well in his 70s. Difficult to imagine why he'd all of a sudden become busy???

[Weststandwanab]

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Cap their fees could mean we won't increase our hourly rates by whatever % they are charging new clients.

from BDO appointment statement

.....the Joint Administrators' remuneration be fixed on a time cost basis .... etc. I can't really see them working for nought, they ain't a charity.

They won't, it will be hundreds of pounds and hour possibly with some discounted. IF this runs on to the point when there is the chance that BDO will not get what the expect to recover they will move to the big L to protect their position.

[greenginger]

I wonder if the departures will lead to Anne Budge questioning whether it is a good idea to hand over a couple of million of her hard-earned.

Without her funding FoH , bidco, fanco, are all dead in the water.

[steviehibsleith]

In light of FOH people jumping ship my question to the financial guys on here, When BDO offer £2.5 million for the cva do BDO have to have that money in their possesion so they hand it over to the Lithuanian peeps. Or are they offering in installments ...

[EK_Hibs]

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In light of FOH people jumping ship my question to the financial guys on here, When BDO offer £2.5 million for the cva do BDO have to have that money in their possesion so they hand it over to the Lithuanian peeps. Or are they offering in installments ...

Upon completion of the CVA deal, £2m would be paid up front to secure the PBS, with the final £500,000 delivered after ten months.

http://m.stv.tv/sport/football/clubs/hearts/247435-hearts-cva-proposal-of-25m-to-be-decided-by-creditors/

[steviehibsleith]

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Upon completion of the CVA deal, £2m would be paid up front to secure the PBS, with the final £500,000 delivered after ten months.

http://m.stv.tv/sport/football/clubs...-by-creditors/

Cheers
Wonder if there is a issue with the £2 million

[Jack]

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Cheers
Wonder if there is a issue with the £2 million

Aye! It needs to be £10m

[EK_Hibs]

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Aye! It needs to be £10m

£10m for that piece of sh**???
...Steady

[Iggy Pope]

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£10m for that piece of sh**???
...Steady

Yes, quite.

[Pedantic_Hibee]

Enough of this pish, they'll sail through a cva. Sick of reading about impending liquidation from "experts" who are constantly wrong

[Dashing Bob S]

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Ford loves hearts and it probably broke his to step down. His disgust at what was going on with vlad was a great illustration that not all the yams are the same. A gent.



Ford must be well in his 70s. Difficult to imagine why he'd all of a sudden become busy???

DF is a former accountant and he won't like the look of this nonsense. He's also a man of integrity and will have little regard for the self-serving brigade who are all over this dodgy project like a cheap suit. He's wise to swerve this oncoming debacle.

[Viva_Palmeiras]

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Whilst it's good your source is still not confident I just can't see the yams 'running out of money', I'm not buying that... If it became SO desperate that they needed to sell out the ground again then smarmy Southern would just get the begging bowl out, mention 1914 and they'd rally as they did before.
As was posted on this very thread a while back, BDO already told the Ukio admin and also the yam shareholders that they'd agreed to cap their own fees so presumably that meter's not still running?

I'd like to hear more about HMRC's possible influence in the CVA approval?
If there's any truth in that then that could be a goer.

Aye maybe it'd make Ann Budge?