Share Transfers Agreed/Cooling off period

[The_Sauz]

Taken from the BBC website

"Whilst the journey is not over yet and there is much work to be done, we can move forward with a degree of optimism that Heart of Midlothian can have a future we can be very proud of," added Murray.

They really have no shame

[Aldo]

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Taken from the BBC website They really have no shame

They never have done and never will do.

Just shows you the sort of folk the majority of them really are.

[jacomo]

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Taken from the BBC website
They really have no shame

Hot, salty tears of pride no doubt rolling down I am an MP's puffy cheeks right now. So proud.

http://www.scotsman.com/sport/footba...full-1-3024802

[The_Sauz]

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They never have done and never will do.

Just shows you the sort of folk the majority of them really are.

If that Murray had been my local MP, I would be at his office first thing asking him why they can make a statement like this, considering all the common folk that have have had their money stolen from heart Of Midlothian Football Club over the last 10 years! I'm sure all the Aluminium workers in Bosnia will sleep easy now knowing that their pension fund has went to good use

[Aldo]

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If that Murray had been my local MP, I would be at his office first thing asking him why they can make a statement like this, considering all the common folk that have have had their money stolen from heart Of Midlothian Football Club over the last 10 years! I'm sure all the Aluminium workers in Bosnia will sleep easy now knowing that their pension fund has went to good use

BL the yams on Brokeback are in denial re charities etc.

For them looking in Lady Haig Poppy. Nuff said there then.

Yip and the above mate ... They have no shame.

[PapillonVert]

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UBIG have some power.

Had they rejected the CVA, and the company had gone into liquidation, UBIG would have got nothing. In the CVA situation, they may get some cash out of selling the shares.

Cash is always the motive.

CWG, can you explain exactly what someone offering for the shares will get? I know, "the shares", but what exactly does a purchaser stand to gain from buying these shares?

Ta.

[cabbageandribs1875]

"Whilst the journey is not over yet and there is much work to be done, we can move forward with a degree of optimism that Heart of Midlothian can have a future we can be very proud of," added Murray.


does this grunt wae the smarmy coupon think he's some kind of stand-up comic or sommit

[Crazyhorse]

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My money is on their hands being tied by the frozen shares. I'm sure they would be happy to react, either positively, or negatively if they could. However, as you perhaps suggest, they might be playing a longer ball game, which could only involve the PBS, as Hearts sole real asset.

Can I just clarify. Does today mean that FOH have the PBS for £2.5m? BUT Ubig can still sell the shares to someone else? And the talk of property developers in with last minute offers was rubbish?

[CropleyWasGod]

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CWG, can you explain exactly what someone offering for the shares will get? I know, "the shares", but what exactly does a purchaser stand to gain from buying these shares?

Ta.

They have control of the company, which effectively means the assets.

[CropleyWasGod]

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Can I just clarify. Does today mean that FOH have the PBS for £2.5m? BUT Ubig can still sell the shares to someone else? And the talk of property developers in with last minute offers was rubbish?

No.

If the CVA is completed, FOH will own the shares in the company.

It is the company that will own the PBS.

[Pretty Boy]

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Jamie Borthwick ‏@jamiekborthwick33m
Adomonis of Ukio admins: "I should admit the fact that our decision has a substantial part of emotion in it" #heartscva

I'm sure the Lithuanian taxpayer will be delighted.

The Hearts saga is merely a single snowflake on the tip of the iceberg when it comes to unravelling the UKIO mess.

By emotion what he mean is he was delighted to be able to try and wash his hands of an insignificant Scottish football team that is more bother than it is worth for relatively little effort.

[Aldo]

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"Whilst the journey is not over yet and there is much work to be done, we can move forward with a degree of optimism that Heart of Midlothian can have a future we can be very proud of," added Murray. does this grunt wae the smarmy coupon think he's some kind of stand-up comic or sommit

Politicians - eh never far away from controversy. Happy that his club never played rent or rates or whatever it is for months on end.

Wonder if he would back up one of his constitutes with such vigour if they were skint and didn't pay up??

[Dashing Bob S]

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No.

If the CVA is completed, FOH will own the shares in the company.

It is the company that will own the PBS.

IF UBIG are both willing and able to play ball.

[blindsummit]

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Except when the UKIO admin allow "emotions" to get in the way of cash apparently.

This!

Spolier alert, there's a big rant coming, so look away of you don't want to get bored

I cannot for the life of understand why the UKIO and UBIG Admins would give a flying fig for the survival of a piddling Scottish Football Club, given the large scale criminal shafting of the Lithuanian public. And yet, the survival of the Football Club seems to have won their hearts (no pun intended) and minds, rather than reclaiming the maximum sum of money for their creditors by a land sale.

Let's not forget that Hearts were no innocent victims here. Hearts were Vlad and Vlad was Hearts and millions of pounds flowed in, out, through and around Hearts in a decidely dodgy way. I just don't get it, I really don't. Are cheating Football Clubs always going to be able to dodge the true consequences of their actions? Why are they a special case in Company law and Society at large? And what possible reason can any other club have for living within the rules when the see vermin like Hearts and Sevco getting away with legalised fraud in racking up huge debts and then just dumping them and carrying on as if nothing had happened? There are real world consequences to their debt dumping, real businesses are harmed and real people lose their jobs.

Why would the Lithuanians be so accomodating here? They should be nailing Hearts to the wall and maximising the return to the Lithuanian public by liquidating them. Not getting all soppy and letting them live to cheat another day.

I had high hopes that because the Lithuanian Government and non UK administrators were involved that this one would have been done properly, but alas it seems that, no matter the country, Administration is a joke. And BDO are no different or any better than Duff & Phelps in the Sevco case. They want large football admin fees, so rather than protecting creditors, they will always seek to help clubs squirm out of their social responsibilites.

I'm a bit peeved. Can you tell?

[The_Sauz]

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BL the yams on Brokeback are in denial re charities etc.

For them looking in Lady Haig Poppy. Nuff said there then.

Yip and the above mate ... They have no shame.

Aldo
Those clowns are in total denial to everything that's happened in the last 10 years....not just charities etc!

[Aldo]

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Aldo Those clowns are in total denial to everything that's happened in the last 10 years....not just charities etc!

Aye yur right... Silly me.

[Crazyhorse]

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No.

If the CVA is completed, FOH will own the shares in the company.

It is the company that will own the PBS.

So UBIG (50%) or whoever can buy their shares, the woman with shares in Switzerland (15%?), and FOH will all own the company which will own the PBS after/if the CVA is agreed?

[CropleyWasGod]

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So UBIG (50%) or whoever can buy their shares, the woman with shares in Switzerland (15%?), and FOH will all own the company which will own the PBS after/if the CVA is agreed?

FOH will own all the shares. That's what their offer is based on.

[SmashinGlass]

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FOH will own all the shares. That's what their offer is based on.

Taking out of the equation that the shares are frozen at present, I wonder how they propose to get their mitts on the missing 21%

[Ozyhibby]

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Taking out of the equation that the shares are frozen at present, I wonder how they propose to get their mitts on the missing 21%

Where does it say the shares are frozen?

[CropleyWasGod]

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Taking out of the equation that the shares are frozen at present, I wonder how they propose to get their mitts on the missing 21%

Fair point.

From memory, once 75% has been obtained, the holder can make an offer for the remaining 25%. (or maybe that's 90%?)

No matter... it would be interesting to see which shareholders voted today to approve the sale. ie whether the 21% were represented at all.

[Mikey]

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Where does it say the shares are frozen?

Your question was answered on the PM board, albeit in the post just before yours.

They're frozen. End of. FACT

[CropleyWasGod]

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Where does it say the shares are frozen?

In some file in a Lithuanian Court.

[PapillonVert]

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They have control of the company, which effectively means the assets.

Which are?

and follow-up q: I though UBIG was being liquidated or is in admin but anyway under legal measures and so (sorry for being obtuse) I am not clear why it would be worth buying the shares. Why would they not be seized to meet any claims?

[Ozyhibby]

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Your question was answered on the PM board, albeit in the post just before yours.

They're frozen. End of. FACT

Good. Some reassurance required.
Is it likely they will be unfrozen in time for FoH to take control?

[JeMeSouviens]

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Which are?

and follow-up q: I though UBIG was being liquidated or is in admin but anyway under legal measures and so (sorry for being obtuse) I am not clear why it would be worth buying the shares. Why would they not be seized to meet any claims?

The assets are Tiny, the players' registrations, the brand (toxic as it is), the SFA & SPFL memberships. If they don't buy the shares they don't own Hearts! UBIG's and Ukio's liquidators both have the power to sell their assets to recover money for their creditors. They both have shareholdings in Hearts and (subject to freezing issues which I'm not convinced are in force any longer since UBIG's offishul move to liquidation) both have the power to sell them.

[CropleyWasGod]

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Which are?

and follow-up q: I though UBIG was being liquidated or is in admin but anyway under legal measures and so (sorry for being obtuse) I am not clear why it would be worth buying the shares. Why would they not be seized to meet any claims?

The main assets of HMFC are its stadium, its playing squad, and its brand.

As for the UBIG situation. It is in admin, and one of its assets is its shareholding in HMFC. The administrator has a duty to realise that asset for as much as is possible, in order to maximise the return to its own shareholders. Hence why I think that they didn't reject the CVA, as the CVA route gives them a chance of some cash for those shares.

[Crazyhorse]

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The main assets of HMFC are its stadium, its playing squad, and its brand.

As for the UBIG situation. It is in admin, and one of its assets is its shareholding in HMFC. The administrator has a duty to realise that asset for as much as is possible, in order to maximise the return to its own shareholders. Hence why I think that they didn't reject the CVA, as the CVA route gives them a chance of some cash for those shares.

That makes things a bit clearer for me. Seems like a coherent strategy. I suppose the risk for them is if they ask for too much the whole thing collapses and they get nothing.

[Ozyhibby]

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The main assets of HMFC are its stadium, its playing squad, and its brand.

As for the UBIG situation. It is in admin, and one of its assets is its shareholding in HMFC. The administrator has a duty to realise that asset for as much as is possible, in order to maximise the return to its own shareholders. Hence why I think that they didn't reject the CVA, as the CVA route gives them a chance of some cash for those shares.

I'm no longer buying this 'administrator has a duty to do his best by the creditors' as it does not happen in real life.

[CropleyWasGod]

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That makes things a bit clearer for me. Seems like a coherent strategy. I suppose the risk for them is if they ask for too much the whole thing collapses and they get nothing.

They would get nothing in a liquidation anyway.