Share Transfers Agreed/Cooling off period

[SmithyHibee]

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Not an expert on Lith law, but it may be that the creditors have the power to:-

(a) give their formal approval of the CVA.

(b) approve or otherwise the offer for the UBIG shares.

Even if this is the case I'd imagine nothing could be done as all assets are currently still frozen?

[7062]

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Brian McLaughlin tweeting there is a meeting of Ubig creditors end of February (I think that's what he said anyway). What relevance will this have to hearts?

Will this be the same one that was reported a while back as being 'tentatively agreed for Q1 2014'? Sounds like they've now agreed on a date. Don't have a clue what will be discussed at it, but I'm guessing that they can't exit admin till this meeting has happened - amongst other things.

[Onion]

http://www.dailyrecord.co.uk/sport/f...under-3049954?

Daily Hun feeding the Yam fantasies

No 3 looks like the best bet. It's what the ripped off charities and victims would want

[greenginger]

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Will this be the same one that was reported a while back as being 'tentatively agreed for Q1 2014'? Sounds like they've now agreed on a date. Don't have a clue what will be discussed at it, but I'm guessing that they can't exit admin till this meeting has happened - amongst other things.

Nope, that was a meeting by the Ukio Bankas creditors to form a new creditor's committee for that administration.

Was there anything in the CVA agreement contracting the Ukio admin to hand over the 29% shareholding for nowt.

Also, are there any admin. rules that require a similar offer to be made for all shares ? If it is £ 50 k for the UBIG 50% do they have to find another £ 50 k for the other shares.

[Ozyhibby]

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Brian McLaughlin tweeting there is a meeting of Ubig creditors end of February (I think that's what he said anyway). What relevance will this have to hearts?

That looks like a one month delay from where we were yesterday?

[Oscar T Grouch]

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http://www.dailyrecord.co.uk/sport/f...under-3049954?

Daily Hun feeding the Yam fantasies

No 3 looks like the best bet. It's what the ripped off charities and victims would want

Whats happened to the greatest bunch of youngsters ever produced by a Scottish side? 0% want to tie them up on longer term deals, while 25% want to start spending again, bunch o phannies

[jacomo]

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http://www.dailyrecord.co.uk/sport/f...under-3049954?

Daily Hun feeding the Yam fantasies

No 3 looks like the best bet. It's what the ripped off charities and victims would want

Where's the "flog Tynecastle for development and move to Livi" option?

[Dashing Bob S]

1. UKIOS (including the shares FOH wants) assets are frozen. - People have been saying this on here for years, Banderson/Sickbag now starting to admit this, but strangely still seem to be holding to the fantasy that those shares (might) be nothing to do with those assets and can be handed over.

2. The assets are not frozen by Lith courts for no reason. This is the point Barry/Kickback are unwilling to concede: they are frozen as part if a major investigation into corrupt financial affairs by a conglomerate of business, of which Hearts are a part. (Albeit a small one).

3. This investigation is by most accounts nowhere near being concluded.

4. For the shares to be released the investigation will either have to be concluded, or, as seems to be a Jambo fantasy, some separate deal with BDO can be worked out to remove them from the investigation. I'm no law expert but everybody I've talked to who is says that this is highly unlikely as it would probably be illegal, and seen to compromise the investigation .

5. It seems to me that BDO, who are collecting their fees since the CVA was 'approved' are the ones who are benefiting from the EEN stringing the Yams along.

I'm going to say something controversial here: football fans (including Jambos) generally aren't that thick. We are optimists about our clubs, needing to believe the best. Subsequently, we need to believe the worst about our rivals. So I'm not dispassionate about this. I want them punished further and believe that they will be.

But trying to step back from it and be more analytical, it seems that BDO/FOH/Banderson/EEN/kickback, are basing their scenarios on highly optimistic suppositions about a murky case going through an obscure foreign legal system that they know absolutely nothing about.

[CropleyWasGod]

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1. UKIOS (including the shares FOH wants) assets are frozen. - People have been saying this on here for years, Banderson/Sickbag now starting to admit this, but strangely still seem to be holding to the fantasy that those shares (might) be nothing to do with those assets and can be handed over.

2. The assets are not frozen by Lith courts for no reason. This is the point Barry/Kickback are unwilling to concede: they are frozen as part if a major investigation into corrupt financial affairs by a conglomerate of business, of which Hearts are a part. (Albeit a small one).

3. This investigation is by most accounts nowhere near being concluded.

4. For the shares to be released the investigation will either have to be concluded, or, as seems to be a Jambo fantasy, some separate deal with BDO can be worked out to remove them from the investigation. I'm no law expert but everybody I've talked to who is says that this is highly unlikely as it would probably be illegal, and seen to compromise the investigation .

5. It seems to me that BDO, who are collecting their fees since the CVA was 'approved' are the ones who are benefiting from the EEN stringing the Yams along.

I'm going to say something controversial here: football fans (including Jambos) generally aren't that thick. We are optimists about our clubs, needing to believe the best. Subsequently, we need to believe the worst about our rivals. So I'm not dispassionate about this. I want them punished further and believe that they will be.

But trying to step back from it and be more analytical, it seems that BDO/FOH/Banderson/EEN/kickback, are basing their scenarios on highly optimistic suppositions about a murky case going through an obscure foreign legal system that they know absolutely nothing about.

It's UBIG's assets that are frozen.

Other than that, BDO can only do what they can.... until they can't any more.

[Bostonhibby]

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Nah, it's this weekend Mikey


jammyjambo

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Posted Today, 11:34
Can we not get a verbal agreement too

Pay our dosh tomorrow
Be out of admin by the weekend



Oh dear

You can definitely do it this way if you make it cash in a suitcase and give it to the foreign sounding guy waiting at the side door to the main stand at midnight - he will be wearing sunglasses and a Russian hat, very similar arrangement to when the last share issue cash and the season ticket money was handed over.

As a special treat for thinking of this, jammyjambo should get to do the handover and he can wait in the same place for the handover of the shares when the bagman returns. What an outfit - I am going to have to get myself on yackback again.

[TRC]

maybe they will be out of admin by the end of the week, maybe into liquidation! not based on anything but the wording doesn't say they will be out of danger as far as I can see?

[Inch Hibs]

Why would they go into liquidation? BDO would just beg the support for more cash or try to sell some of the wonder kids. Worst case scenario for them is next seasons season ticket money is used to keep them afloat until the end of the season then have no dosh for next season.

[CropleyWasGod]

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Why would they go into liquidation? BDO would just beg the support for more cash or try to sell some of the wonder kids. Worst case scenario for them is next seasons season ticket money is used to keep them afloat until the end of the season then have no dosh for next season.

They WILL go into liquidation if they run out of cash. They have no other option.

They can't sell anyone before the transfer window opens.

[Inch Hibs]

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They WILL go into liquidation if they run out of cash. They have no other option.

They can't sell anyone before the transfer window opens.

Why would they run out of cash then? History shows the support will plough cash into the club to keep it afloat.

If they where worried they wouldn't last the season they would sell now, or sell season tickets or ask that Budge wifie for a lend.

[EskbankHibby]

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That's the "4-6 weeks" raising it's head again!

4 - 6 weeks eh? Heard that a few times over the last couple of days.

Keep hearing and reading how deluded we are and that as the wee team we have been "all wrong" about anything to do with the financial affairs/doping of our pink chums.

We did say that a wages to turnover ratio of over 100% was only ever going to end one way - we were correct.

We told them not paying staff was a classic sign that a business is in trouble - we were correct.

We told them that administration was inevitable despite what self sufficient Southern and other pink luminaries were spouting - we were correct.

Now it would appear we have a specific, almost certainly fabricated, timeframe for them exiting administration and running up another tab to charities/Scottish Ambulance/NHS etc etc.

I'm calling bull**** on that timeframe and i would be happy to bet on this with any willing and trustworthy (????) jambos looking in. Charity bet, obviously not held by any of our larcenous pink chums with their form on frisking charities.

Lets give them the upper limit of 6 weeks from Monday, that's the 3rd March. I would bet Heart of Midlothian Football Club are not out of administration by the 3rd March. Any takers?

[CropleyWasGod]

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Why would they run out of cash then? History shows the support will plough cash into the club to keep it afloat.

If they where worried they wouldn't last the season they would sell now, or sell season tickets or ask that Budge wifie for a lend.

1. who would they sell?

2. who would actually pay them a fair price, knowing that it's a fire sale?

3. they can't sell ST's when they don't know what division they'll be in.

4. they can't sell ST's when there is no guarantee that they will be in existence.

5. FOH have budgeted to get the ST cash. If they're not going to get it, they (or their backers) may well pull out of the deal.

6. why would Ann Budge lend to a company that's going nowhere? She wouldn't get it back.

[Inch Hibs]

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1. who would they sell?

2. who would actually pay them a fair price, knowing that it's a fire sale?

3. they can't sell ST's when they don't know what division they'll be in.

4. they can't sell ST's when there is no guarantee that they will be in existence.

5. FOH have budgeted to get the ST cash. If they're not going to get it, they (or their backers) may well pull out of the deal.

6. why would Ann Budge lend to a company that's going nowhere? She wouldn't get it back.

1) **** knows - walker, holt, that boy to Swansea? Paterson?

2) they might not pay a fair price but money is money

3) can't they? Why not? The support accept they will be in the first.

4) they did exactly that last year.

5) they won't pull out the deal - they are being backed in cash anyway it will just be longer to pay it back.

6) she's already taking this gamble with the plebs that are buying it back off her.

I hate posting all that but there is zero evidence whatsoever they will be liquidated. Relegation and them being totally Humpty is what's happening and that's great.

[ekhibee]

I don't keep up with anything that's happening at Hearts, but maybe somebody could explain this to me. Hearts debt is over £30 million. The 'preferred bidder', the Foundation of hearts crowd, would be giving UBIG and Ukio Bankas a total of £2.5 million. So is the deal take the £2.5 million and write off the other £27.5 million? I can't honestly believe anybody would accept that, even a dodgy Lithuanian bank. Have I got this right?

[Inch Hibs]

Yep. Everyone else got screwed.

[tamig]

UKIO get the cash UBIG get nowt - other than any deal they can agree for their shares.

[NAE NOOKIE]

Still havnt got a pot to piss in though

[Chibs]

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They WILL go into liquidation if they run out of cash. They have no other option.

They can't sell anyone before the transfer window opens.

Did the trumpets not sell King to Swansea

[Inch Hibs]

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Still havnt got a pot to piss in though

And hopefully if seasons are sold this season to bridge a gap that will continue next season! A tidy wee points deduction next season would be all good too!

[Aldo]

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Why would they run out of cash then? History shows the support will plough cash into the club to keep it afloat. If they where worried they wouldn't last the season they would sell now, or sell season tickets or ask that Budge wifie for a lend.

Edit- deleted as CWG answered

[SMAXXA]

What about a street party when the CVA is finalised?

Another jumbo comment, they have no shame. Fair play to the guys who disagree.

[Deansy]

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1. UKIOS (including the shares FOH wants) assets are frozen. - People have been saying this on here for years, Banderson/Sickbag now starting to admit this, but strangely still seem to be holding to the fantasy that those shares (might) be nothing to do with those assets and can be handed over.

2. The assets are not frozen by Lith courts for no reason. This is the point Barry/Kickback are unwilling to concede: they are frozen as part if a major investigation into corrupt financial affairs by a conglomerate of business, of which Hearts are a part. (Albeit a small one).

3. This investigation is by most accounts nowhere near being concluded.

4. For the shares to be released the investigation will either have to be concluded, or, as seems to be a Jambo fantasy, some separate deal with BDO can be worked out to remove them from the investigation. I'm no law expert but everybody I've talked to who is says that this is highly unlikely as it would probably be illegal, and seen to compromise the investigation .

5. It seems to me that BDO, who are collecting their fees since the CVA was 'approved' are the ones who are benefiting from the EEN stringing the Yams along.

I'm going to say something controversial here: football fans (including Jambos) generally aren't that thick. We are optimists about our clubs, needing to believe the best. Subsequently, we need to believe the worst about our rivals. So I'm not dispassionate about this. I want them punished further and believe that they will be.

But trying to step back from it and be more analytical, it seems that BDO/FOH/Banderson/EEN/kickback, are basing their scenarios on highly optimistic suppositions about a murky case going through an obscure foreign legal system that they know absolutely nothing about.

Has the investigation actually started ?. When they were frozen, initially, didn't the spokesman say it could be several years before they find out the total-amount of what was going on ?. Plus - surely they have to catch/find/unearth Vlad for his side of things (Stay safe, sweet prince !!) before concluding ??.

Either way - '4-6 weeks' I reckon is actually the amount of time 'All-is' has left - as other 'papers' have swallowed his guff there's gonna be lots of purple-in-the-face editors on the phone to EEN sports-desk come 3/4 March !!

[Chibs]

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I don't keep up with anything that's happening at Hearts, but maybe somebody could explain this to me. Hearts debt is over £30 million. The 'preferred bidder', the Foundation of hearts crowd, would be giving UBIG and Ukio Bankas a total of £2.5 million. So is the deal take the £2.5 million and write off the other £27.5 million? I can't honestly believe anybody would accept that, even a dodgy Lithuanian bank. Have I got this right?

Nope.
It's far worse than that.

[Treadstone]

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1)
I hate posting all that but there is zero evidence whatsoever they will be liquidated. Relegation and them being totally Humpty is what's happening and that's great.

Zero evidence ? Eh!

[Inch Hibs]

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Zero evidence ? Eh!

Where's the envidence they could be anywhere near liquidation?

[Treadstone]

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Where's the envidence they could be anywhere near liquidation?

Administration, arranging friendlies , the need to sell seasons, statements from Jackson regarding shares and their acquisition.

What do you regard admin as just a tool to shed debt and carry on as before ?