Share Transfers Agreed/Cooling off period

[brog]

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Because the cva proposal document states that ukio will accept it?

It does? News to me & I suspect BDO. Also in reference to a prior post BDO went native on day 1. They have 2 priorities, their fees & their fees but if they can look good along the way, thereby earning more work & fees then that's a bonus.

[jacomo]

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If UBIG are getting nothing then maybe there is a chance they will stick two fingers up to the yams as why should a foreign offshoot of Vlads empire and one that cost them a fortune be the only ones to benefit from the shambles ?.

It seems pretty clear that UBIG are getting nothing, full stop, in any conceivable scenario. Yes, they can vote against the CVA to punish Hearts for their cretinous behaviour, but is this really likely? The people sorting this mess out have no personal stake in this.

I also don't believe that BDO have no indication how the vote will go, unless they really are playing a high stakes game. It would seem dangerous to allow people to believe there's a good chance of the CVA going through without having anything to base that on.

[jgl07]

The Herald report is decidedly downbeat about Hearts' prospects along the line "Heart's hopes not yet bankrupt".

It states that BDO have received no indication of how the Lithuanian administrators (presumably for UBIG) will vote.

The report signs off that a 'senior source close to the club' insisted that a rejection of the CVA would not mean immediate liquidation for HMFCplc but it would leave them in a bleak situation.

That all sounds like the odds are against Hearts to me?

[Leithenhibby]

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It seems pretty clear that UBIG are getting nothing, full stop, in any conceivable scenario. Yes, they can vote against the CVA to punish Hearts for their cretinous behaviour, but is this really likely? The people sorting this mess out have no personal stake in this.

I also don't believe that BDO have no indication how the vote will go, unless they really are playing a high stakes game. It would seem dangerous to allow people to believe there's a good chance of the CVA going through without having anything to base that on.

Duff & Phelps did it with Sevco ............

[Part/Time Supporter]

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The Herald report is decidedly downbeat about Hearts' prospects along the line "Heart's hopes not yet bankrupt".

It states that BDO have received no indication of how the Lithuanian administrators (presumably for UBIG) will vote.

The report signs off that a 'senior source close to the club' insisted that a rejection of the CVA would not mean immediate liquidation for HMFCplc but it would leave them in a bleak situation.

That all sounds like the odds are against Hearts to me?

http://www.heraldscotland.com/sport/...krupt.22741291

The Herald report also states in the first paragraph that if the CVA is approved that Hearts would exit administration on Friday.

Hearts administrators BDO hope to persuade the insolvency firm in control of UBIG to support the deal that would take Heart of Midlothian Football Club plc out of administration on Friday.

Although approval of the CVA would mean that administration would probably end successfully, it wouldn't end on Friday. FOH would also need to have the shares transferred to them, the meeting for which is scheduled for next Friday. There would then be a cooling off period and, as in the case of Dunfermline, other problems can hold up the exit from administration.

I think you can take a barrelload of salt with the article if they can't get something basic like that correct.

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If Ubig agree to accept £0 for the Hearts shares and do the same for all the other assets where do the administrators get their fees from?

From the £2.5M paid to Ukio.

[monktonharp]

does this mean that BDO get half a mil, and Ukio get 1.5mil with FOH paying Ukio the other half a mil in 10months time? I think that is what the CVA deal on the table is? or have I made this up , to look like the gorgie mob are getting away with murder, virtually?

[Viva_Palmeiras]

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It seems pretty clear that UBIG are getting nothing, full stop, in any conceivable scenario. Yes, they can vote against the CVA to punish Hearts for their cretinous behaviour, but is this really likely? The people sorting this mess out have no personal stake in this.

I also don't believe that BDO have no indication how the vote will go, unless they really are playing a high stakes game. It would seem dangerous to allow people to believe there's a good chance of the CVA going through without having anything to base that on.

As with the Rangers situation and all others (Celtic even went to the wire) brinkmanship.

[Ozyhibby]

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From the £2.5M paid to Ukio.

So the £2.5m has to pay all 3 admins before the creditors get any?

[Part/Time Supporter]

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So the £2.5m has to pay all 3 admins before the creditors get any?

No, just BDO for the Hearts administration work. The balance then goes to Ukio. The Lithuanian administrators are paid from what can be raised from Ukio and UBIG. They're pursuing legal action against Romanov and there are other assets.

[Eyrie]

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No, just BDO for the Hearts administration work. The balance then goes to Ukio. The Lithuanian administrators are paid from what can be raised from Ukio and UBIG. They're pursuing legal action against Romanov and there are other assets.

Then surely the Lithuanian administrators have a legal responsibility to ensure that they recover as much as possible for each asset owned by Ukio and UBIG. That would mean ensuring that (for example) land in South Murrayfield is fairly valued and not given away to Save Hearts In Trouble for a token amount, so they should be getting a second opinion on the land value and not simply accepting BDO's flannel.

[Liams]

For someone that hasnt taken much notice, what is the latest on this mob now? Thanks

[Chibs]

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For someone that hasnt taken much notice, what is the latest on this mob now? Thanks

Basically this Friday is D day for the poppy thieves.
and in D I mean death.

If you want a laugh get over to sickbag and the admin thread it's like a chimpanzee tea party

[Part/Time Supporter]

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Then surely the Lithuanian administrators have a legal responsibility to ensure that they recover as much as possible for each asset owned by Ukio and UBIG. That would mean ensuring that (for example) land in South Murrayfield is fairly valued and not given away to Save Hearts In Trouble for a token amount, so they should be getting a second opinion on the land value and not simply accepting BDO's flannel.

It was valued in the summer by a chartered surveyor (not BDO). £2.5M seems low but they could take the view that it's better getting that money, most of it up front, rather than wait for a possible land sale that may run into various problems (eg planning consent).

[#FromTheCapital]

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Basically this Friday is D day for the poppy thieves.
and in D I mean death.

If you want a laugh get over to sickbag and the admin thread it's like a chimpanzee tea party

Think you may be dissapointed then. Chances are that the CVA will be approved IF this meeting goes ahead on Friday. All info coming out suggests that it will be, although there may still be a few hurdles left in the process. Would be delighted if I'm wrong but can't see it.

[QMU-1875]

And they get out of admin aswell?

[degenerated]

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It was valued in the summer by a chartered surveyor (not BDO). £2.5M seems low but they could take the view that it's better getting that money, most of it up front, rather than wait for a possible land sale that may run into various problems (eg planning consent).

My experience of chartered surveyors, albeit during house moves, leads me to believe that most are barely capable of measuring their cock never mind a football stadium.

[Jack]

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Think you may be dissapointed then. Chances are that the CVA will be approved IF this meeting goes ahead on Friday. All info coming out suggests that it will be, although there may still be a few hurdles left in the process. Would be delighted if I'm wrong but can't see it.

Is it not the case that all the information coming out is all yam friendly information from the likes of allisbarry and some anonymous MP?

Hardly surprising then that its all positive.

[Dashing Bob S]

Hoping that the unworkable CVA is agreed on Friday, it means a lot more fun. I'm expecting it not to happen though. Which will still be fun.

[Jonnyboy]

Strong, strong rumours that Locke is in line for the S****horpe job. Surely if he goes it's a sign that things are going down the plug hole. Why else would he leave the love of his life?

[lord bunberry]

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Strong, strong rumours that Locke is in line for the S****horpe job. Surely if he goes it's a sign that things are going down the plug hole. Why else would he leave the love of his life?

Does that mean he's off to pishtures new.

[ancient hibee]

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Strong, strong rumours that Locke is in line for the S****horpe job. Surely if he goes it's a sign that things are going down the plug hole. Why else would he leave the love of his life?

Doesn't want a relegation on his record?

More money?

Before he's sacked to give a bespectabled former Scotland manager the job?

Knows Sc***horpe is more attractive than Gorgie?

[Sergey]

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Does that mean he's off to pishtures new.

Heavy showers are forecast in the forthcoming days.

Joking aside, weren't Locke and Rob Jones matey before Jones' move to S****horpe? Maybe still are!

[monktonharp]

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Strong, strong rumours that Locke is in line for the S****horpe job. Surely if he goes it's a sign that things are going down the plug hole. Why else would he leave the love of his life?

and the next question is................source?: ok, strong rumours Jonny and we'll go with that just now. would be hilarious though.does it mean any replacement would get a wage? or could the MP take temp. charge

[Hibbyradge]

https://m.skybet.com/football/manage...event/15911119

[Chibs]

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Think you may be dissapointed then. Chances are that the CVA will be approved IF this meeting goes ahead on Friday. All info coming out suggests that it will be, although there may still be a few hurdles left in the process. Would be delighted if I'm wrong but can't see it.

Fair point.
no one knows exactly what will happen in the forthcoming days.
but I do know this is the Fagan of football clubs.
their demise may not be imminent but it is certainly assured.
a **** team in their death throes.

[Bostonhibby]

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Strong, strong rumours that Locke is in line for the S****horpe job. Surely if he goes it's a sign that things are going down the plug hole. Why else would he leave the love of his life?

But there's already one **** in S****horpe

seriously though, has he seen the place? worse than even Gorgie in every respect, except they do have a football stadium made of 20th Century materials.

[monktonharp]

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But there's already one **** in S****horpe

seriously though, has he seen the place? worse than even Gorgie in every respect, except they do have a football stadium made of 20th Century materials.

aye, but have they stopped hanging monkeys? or is that your town, or the next?

[Coco Bryce]

David O'leary is getting that job I heard?

[fatbloke]

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aye, but have they stopped hanging monkeys? or is that your town, or the next?

Thought that wiz Hartlepool

[Haymaker]

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David O'leary is getting that job I heard?

When was he last in a job?