Share Transfers Agreed/Cooling off period

***CropleyWasGod*** · 28-11-2013 04:59 PM

Originally Posted by Bajillions

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Nothings official until the meeting obviously but they've indicated to BDO they plan to accept.

But UBIG?

Any indication on how they are going to vote? Or whether they will even be represented?

**Onceinawhile** · 28-11-2013 05:00 PM

Sounds to me like ubig will be accepting the cva. No way mclaughlin came up with that information on his own. He has been fed that by bdo imo.

This isn't the end of the squeaky bum time though. There will obviously be a creditors meeting r.e. ubig and I suppose there is every possibility that they will say no...

**HoboHarry** · 28-11-2013 05:01 PM

Why does this news appear to be a surprising development? How come it's only surfacing now that UBIG will not give a decision until January - did BDO (or whomever) really not know this?

**RIP Bestie** · 28-11-2013 05:03 PM

Excuse my ignorance but does this mean that there will be no meeting tomorrow and that a CVA can't be agreed until February?

***the_ginger_hibee*** · 28-11-2013 05:05 PM

Originally Posted by RIP Bestie

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Excuse my ignorance but does this mean that there will be no meeting tomorrow and that a CVA can't be agreed until February?

According to BBC - the meeting will go ahead to agree a CVA provisionally. But there will be no 'actioning' of the CVA till at least Feb.

With the way UBIG admins have been thus far, I can see them stating they can't vote until their house is in order, and rightly so. There isn't exactly a time issue now nothing can be done till Feb.

**Gus Fring** · 28-11-2013 05:06 PM

Originally Posted by CropleyWasGod

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But UBIG?

Any indication on how they are going to vote? Or whether they will even be represented?

None thus far. Apparently the UBIG admin isn't being anywhere near as cooperative as UKIO's.

BDO are worried that UBIG are going to play hardball though.

**RIP Bestie** · 28-11-2013 05:06 PM

Originally Posted by the_ginger_hibee

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According to BBC - the meeting will go ahead to agree a CVA provisionally. But there will be no 'actioning' of the CVA till at least Feb.

With the way UBIG admins have been thus far, I can see them stating they can't vote until their house is in order and rightly so. There isn't exactly a time issue now nothing can be done till Feb.

Cheers

**HoboHarry** · 28-11-2013 05:12 PM

Originally Posted by CropleyWasGod

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But UBIG?

Any indication on how they are going to vote? Or whether they will even be represented?

CWG - If UBIG cannot make a decision at this time how can even a conditional CVA be granted/approved tomorrow?

***Mon Dieu4*** · 28-11-2013 05:13 PM

Poor wee lambs, they were all excited about Skacel signing in January as well

***Kato*** · 28-11-2013 05:15 PM

Originally Posted by matty_f

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I am past caring. Either outcome looks like it'll provide hilarity for us so I'm just going to roll with it and enjoy the show.

Felt pretty much like that from the start. This is a far more interesting story than Rangers/The Rangers tale as that was plainly a familiar story of greed, hubris and a overbearing sense of entitlement. The Flumps version has all that and more. I'd be happy to see them "enter a period of uncertainty"* for the next few years. *be goosed

***blackpoolhibs*** · 28-11-2013 05:16 PM

This delay gives them time to get their share issue documents out now.

***greenginger*** · 28-11-2013 05:16 PM

Originally Posted by RIP Bestie

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Excuse my ignorance but does this mean that there will be no meeting tomorrow and that a CVA can't be agreed until February?

The creditors part can go ahead without UBIG, it requires 75% of those present and voting.

The share holders vote requires over 50% of the total ( I think ) to vote in favour.

UBIG have 49.47 % , Quantum Holdings over in Switzerland have 15% and even HoM 2005 Ltd now dissolved held 4.45 % so the CVA cannot be approved tomorrow even provisionally.

Still think it has been a very good day for the Charity Thieves.

**HoboHarry** · 28-11-2013 05:16 PM

All this news and Sunshine on Leith is playing on BBC Radio 2 right now. It's a sign I tell you.....

***Kato*** · 28-11-2013 05:23 PM

Away from the legal implications of the CVA vote it sounds like they won't now be out of Admin until at least two or three months after February. They claimed at the start of the season they had enough money to see them through until about now. Given walk-ups and half season ticket books will give them some income for the time being it still doesn't sound like enough to see them through till April/May.

What happens if they run out of dough before then? (by dough I mean money, it's not a baking term).

**Gus Fring** · 28-11-2013 05:27 PM

Originally Posted by Kato

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Away from the legal implications of the CVA vote it sounds like they won't now be out of Admin until at least two or three months after February. They claimed at the start of the season they had enough money to see them through until about now. Given walk-ups and half season ticket books will give them some income for the time being it still doesn't sound like enough to see them through till April/May.

What happens if they run out of dough before then? (by dough I mean money, it's not a baking term).

The BBC say they have money to last until March.

**eezyrider** · 28-11-2013 05:30 PM

Latest statement from FoH.
================================================== ==========
Foundation of Hearts
Following reports this afternoon that “Hearts cannot exit administration before February”, a Foundation spokesperson said:

“The Foundation of Hearts believes the timescales mentioned are entirely consistent with the process of taking Hearts out of administration.

“Any agreement of a CVA is subject to all sorts of terms and conditions on all sides, and that is a time-consuming process which cannot start until after the cooling off period (in the event of an approved CVA).

“Given that would be the end of December, the times mentioned are consistent.”
================================================== =======

**HIBERNIAN-0762** · 28-11-2013 05:32 PM

I don't know what to believe to be honest, so many different postings on here makes it impossible to work out what will happen. I still get the feeling these filthy stinking rats will get away with this...

Scottish football and Edinburgh's eternal shame if they do.

**~~Phil D. Rolls~~** · 28-11-2013 05:32 PM

Originally Posted by eezyrider

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Latest statement from FoH.
================================================== ==========
Foundation of Hearts
Following reports this afternoon that “Hearts cannot exit administration before February”, a Foundation spokesperson said:

“The Foundation of Hearts believes the timescales mentioned are entirely consistent with the process of taking Hearts out of administration.

“Any agreement of a CVA is subject to all sorts of terms and conditions on all sides, and that is a time-consuming process which cannot start until after the cooling off period (in the event of an approved CVA).

“Given that would be the end of December, the times mentioned are consistent.”
================================================== =======

Why not say, "the reports are correct"?

**~~Phil D. Rolls~~** · 28-11-2013 05:35 PM

Originally Posted by HIBERNIAN-0762

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I don't know what to believe to be honest, so many different postings on here makes it impossible to work out what will happen. I still get the feeling these filthy stinking rats will get away with this...

Scottish football and Edinburgh's eternal shame if they do.

Edinburgh, the city that has RBS and HBOS headquarters, ashamed of a paltry £26m scam on the Lithuanian government? Its possible, I suppose.

***Jim44*** · 28-11-2013 05:43 PM

Originally Posted by greenginger

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The creditors part can go ahead without UBIG, it requires 75% of those present and voting.

The share holders vote requires over 50% of the total ( I think ) to vote in favour.

UBIG have 49.47 % , Quantum Holdings over in Switzerland have 15% and even HoM 2005 Ltd now dissolved held 4.45 % so the CVA cannot be approved tomorrow even provisionally.

Still think it has been a very good day for the Charity Thieves.

They're certainly pushing the positives tonight ....... Probable CVA acceptance, Ryan Stevenson pledges his future to Hearts and Skacel back in town making noises about signing when he is allowed to.

**Springbank** · 28-11-2013 05:43 PM

Originally Posted by eezyrider

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Latest statement from FoH.
================================================== ==========
Foundation of Hearts
Following reports this afternoon that “Hearts cannot exit administration before February”, a Foundation spokesperson said:

“The Foundation of Hearts believes the timescales mentioned are entirely consistent with the process of taking Hearts out of administration.

“Any agreement of a CVA is subject to all sorts of terms and conditions on all sides, and that is a time-consuming process which cannot start until after the cooling off period (in the event of an approved CVA).

“Given that would be the end of December, the times mentioned are consistent.”
================================================== =======

This has been written by someone wearing a cardigan

***greenginger*** · 28-11-2013 05:44 PM

Another small note in the CVA voting regulations.

It seems if the Creditors vote conflicts with the Shareholder vote, the creditors vote can carry the CVA .

BDO could push the whole thing through tomorrow ....... did Fatty Foulkes write these rules himself.

***Keith_M*** · 28-11-2013 05:45 PM

Originally Posted by Kato

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Away from the legal implications of the CVA vote it sounds like they won't now be out of Admin until at least two or three months after February. They claimed at the start of the season they had enough money to see them through until about now. Given walk-ups and half season ticket books will give them some income for the time being it still doesn't sound like enough to see them through till April/May.

What happens if they run out of dough before then? (by dough I mean money, it's not a baking term).

They probably didn't have much money but they were helped out by first being drawn against Hibs in the LC then winning the game and getting a match against Celtic in the Scottish Cup

I think Hibs, the SFA and the SPFL are involved in a conspiracy to keep them alive....

**greenpaper55** · 28-11-2013 05:50 PM

Whoa there , hold your horses , all is not over !. http://www.bbc.co.uk/sport/0/football/25144366

***Keith_M*** · 28-11-2013 05:52 PM

Originally Posted by greenpaper55

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Whoa there , hold your horses , all is not over !. http://www.bbc.co.uk/sport/0/football/25144366

Too slow, link already posted

**SloopJB** · 28-11-2013 05:56 PM

Originally Posted by Filled Rolls

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Edinburgh, the city that has RBS and HBOS headquarters, ashamed of a paltry £26m scam on the Lithuanian government? Its possible, I suppose.

And a megalomaniacs building that cost as much as building and staffing 10 hospitals as well as gold plated trams.

**greenpaper55** · 28-11-2013 06:00 PM

Originally Posted by keekaboo

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Too slow, link already posted

Drat, should have looked back but ma tea was oot !

**Leishy1995** · 28-11-2013 06:02 PM

So is this in line with Sergey's so called "tissue worthy" post?

**SmashinGlass** · 28-11-2013 06:03 PM

Originally Posted by greenpaper55

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Whoa there , hold your horses , all is not over !. http://www.bbc.co.uk/sport/0/football/25144366

According to Brian McLaughlin on Reporting Scotland, the UBIG Admins told him that they were not in a position to vote at the meeting and weren't in a position to release the shares either. Anyone else hear that, or did I imagine it?