Share Transfers Agreed/Cooling off period

***lord bunberry*** · 03-02-2014 10:08 AM

Originally Posted by Zondervan

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@BarryAnderson_8: Foundation of Hearts should have full control of #HMFC by end of April. Deal to get UBIG shares done. More on http://t.co/yS1sZ7JQcH soon.

Oh ffs it's the end of April now.

***HibeeMassive*** · 03-02-2014 10:12 AM

So we're led to believe they're winning the battle, now going into injury time.... surely they can't fluck it up now

***Mikey*** · 03-02-2014 10:20 AM

Funny how we're getting all this this morning eh. Would be better for them if it was true!

**green glory** · 03-02-2014 10:20 AM

As night follows day, an on field calamity offset by positive PR in the MSM to ensure the maroon goons keep emptying their bairn's piggy banks.

**Onion** · 03-02-2014 10:21 AM

Going to be a long 2 weeks for these losers with no game next weekend, no more revenue and plenty time to reflect on their latest Easter Road collapse. Expect the spin merchants to be busy :)

**Andy74** · 03-02-2014 10:22 AM

Originally Posted by matty_f

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Once foh take control the fun will really start. If you think they look like amateur hour just now, wait till these guys take over.

The cost of blazers alone is going to be detrimental to the football side.

**~~The Sea-gull~~** · 03-02-2014 10:25 AM

Originally Posted by Zondervan

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@BarryAnderson_8: Foundation of Hearts should have full control of #HMFC by end of April. Deal to get UBIG shares done. More on http://t.co/yS1sZ7JQcH soon.

Is it just me or have "good news" stories always appeared in the press just after a bad day for HMFC? This has obviously happened a lot more in recent years but it seems to have been a long standing trait of HMFC going back further than the financial circus era of the last couple of years and the Vlad era.

Is this evidence of David Southern or whoever giving permission for certain journalists to say certain things at certain times?

**Geo_1875** · 03-02-2014 10:26 AM

Originally Posted by matty_f

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Once foh take control the fun will really start. If you think they look like amateur hour just now, wait till these guys take over.

But everybody knows Amateur Hour Goes On And On................................

***GreenLake*** · 03-02-2014 10:27 AM

Jambo's can all high five each other and do scarf twirls.

**Geo_1875** · 03-02-2014 10:28 AM

Originally Posted by Onion

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Going to be a long 2 weeks for these losers with no game next weekend, no more revenue and plenty time to reflect on their latest Easter Road collapse. Expect the spin merchants to be busy :)

So when do they play their next game in the cup?

**Gus Fring** · 03-02-2014 10:29 AM

I'm told BDO have a legally binding written agreement with UBIG now. This deal was actually completed last week, news was held until today for obvious reasons. If the Lith courts allow the transfer then it's a done deal.

**BarneyK** · 03-02-2014 10:29 AM

Scotsman ‏@TheScotsman 12m
UBIG administrators say they will transfer Hearts shareholding to Foundation of Hearts as CVA on brink of completion http://ow.ly/tdwtR
Retweeted by Patrick McPartlin

This just in. A link to the original CVA story from 30th November last year?

**Platinum Scotty** · 03-02-2014 10:30 AM

Originally Posted by The Sea-gull

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Is it just me or have "good news" stories always appeared in the press just after a bad day for HMFC? This has obviously happened a lot more in recent years but it seems to have been a long standing trait of HMFC going back further than the financial circus era of the last couple of years and the Vlad era.

Is this evidence of David Southern or whoever giving permission for certain journalists to say certain things at certain times?

Certainly seems to be that way.............spin seems to be something they do well.........closing out games against 9 men and paying debts, not so well

**~~The Sea-gull~~** · 03-02-2014 10:30 AM

Originally Posted by Bajillions

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I'm told BDO have a legally binding written agreement with UBIG now. This deal was actually completed last week, news was held until today for obvious reasons. If the Lith courts allow the transfer then it's a done deal. Looks very likely they'll exit administration by all accounts.

Sorry, for being thick but what are the obvious reasons for with-holding this annoucement until today?

***CropleyWasGod*** · 03-02-2014 10:30 AM

Originally Posted by Bajillions

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I'm told BDO have a legally binding written agreement with UBIG now. This deal was actually completed last week, news was held until today for obvious reasons. If the Lith courts allow the transfer then it's a done deal.

How likely is this?

**BarneyK** · 03-02-2014 10:31 AM

Originally Posted by Bajillions

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I'm told BDO have a legally binding written agreement with UBIG now. This deal was actually completed last week, news was held until today for obvious reasons. If the Lith courts allow the transfer then it's a done deal.

So very little has changed then given we don't know when the courts are going to release the shares?

**~~The Sea-gull~~** · 03-02-2014 10:36 AM

Actually sounds like this could really be genuinely decent news for them judging on what Bajillions has said and he has been bang on the money with everything thus far.

Still, lets wait till it all happens first. Still prob lots of ups and downs, twists and turns to come for a while yet. One such down will likely be their relegation to the Championship. Can't wait to watch them **** themselves over again by trying to sign players for that league that they can't afford to get them up at first attempt. Between them and the full fat Huns they'll be trying to out spend each other left right and centre next season.

**Gus Fring** · 03-02-2014 10:38 AM

Originally Posted by The Sea-gull

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Sorry, for being thick but what are the obvious reasons for with-holding this annoucement until today?

They had a big match yesterday. If they got beat this is seen as good news. If they won it would have been the cherry on the cake.

Originally Posted by CropleyWasGod

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How likely is this?

I don't know and it would seem neither do BDO for certain. They seem confident it'll be a done deal before the end of the season though

Originally Posted by BarneyK

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So very little has changed then given we don't know when the courts are going to release the shares?

This is a reasonably large step forward for them. UBIG has the majority shareholding and FOH now have a binding agreement to buy those shares whenever they become available. Barry jumped the gun a few weeks ago as the agreement was only a verbal one and hadn't been confirmed.

**Geo_1875** · 03-02-2014 10:39 AM

Forgive my ignorance on this but is it a case that the UBIG admins have reached an agreement which will need to be ratified by the creditors of UBIG?

***Juice-Terry*** · 03-02-2014 10:43 AM

"The club’s administrators, BDO, confirmed today that Ukio Bankas Investment Group (UBIG) have formally agreed to hand over their 50 per cent stake, pending legal approval in Lithuania."

The bold bit is obviously key. What's the likelihood of this then?

**BarneyK** · 03-02-2014 10:44 AM

Originally Posted by Bajillions

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They had a big match yesterday. If they got beat this is seen as good news. If they won it would have been the cherry on the cake.

I don't know and it would seem neither do BDO for certain. They seem confident it'll be a done deal before the end of the season though

This is a reasonably large step forward for them. UBIG has the majority shareholding and FOH now have a binding agreement to buy those shares whenever they become available. Barry jumped the gun a few weeks ago as the agreement was only a verbal one and hadn't been confirmed.

There's the big one there. All reports state that this is all pending legal ratification from the Lithuanian courts. Still a bit to go yet.

**SurferRosa** · 03-02-2014 10:44 AM

Originally Posted by Geo_1875

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Forgive my ignorance on this but is it a case that the UBIG admins have reached an agreement which will need to be ratified by the creditors of UBIG?

Yep, i was going to ask the same question. I thought nothing could be agreed until the UBIG creditors meeting..

***Mikey*** · 03-02-2014 10:45 AM

Originally Posted by Bajillions

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I'm told BDO have a legally binding written agreement with UBIG now. This deal was actually completed last week, news was held until today for obvious reasons. If the Lith courts allow the transfer then it's a done deal.

So they're relying on the same court that STILL hasn't unfrozen Portsmouth's shares to go ahead and unfreeze theirs.

Jolly good

**crewetollhibee** · 03-02-2014 10:45 AM

Originally Posted by Zondervan

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Bazza a bit late with the news:

@BarryAnderson_8: Agreement to transfer UBIG shares in #Hearts to Foundation of Hearts is finalised. Hearts can begin process of exiting administration. #HMFC

So they can "begin" the process. As Sergey says, so what. They key thing that Bazza can't grasp is how long it will take.

Surely the minute they ENTER administration, they are then in the PROCESS of exiting administration no ?

**--------** · 03-02-2014 10:46 AM

Originally Posted by The Sea-gull

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Actually sounds like this could really be genuinely decent news for them judging on what Bajillions has said and he has been bang on the money with everything thus far.

Still, lets wait till it all happens first. Still prob lots of ups and downs, twists and turns to come for a while yet. One such down will likely be their relegation to the Championship. Can't wait to watch them **** themselves over again by trying to sign players for that league that they can't afford to get them up at first attempt. Between them and the full fat Huns they'll be trying to out spend each other left right and centre next season.

Lots of rumours going around this neck of the woods that The Rangers are in major trouble.

Rumours that they might not make next season ....

**Weststandwanab** · 03-02-2014 10:48 AM

Originally Posted by CropleyWasGod

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Can't see it being imminent, TBH. The cash they had in their last public projection, plus the money from the King transfer (depending on when it is actually paid), should be enough for a month or two.

The only thing that might change that timescale, IMO, would be if BDO have decided that they have no hope of obtaining the UBIG shares.

I am sure imminent it is not but sooner than most I think is possible. Personally I think they cash will run out before the big thaw forcing the big L on BDO.

Originally Posted by andrew70

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And here is the latest spin to try and keep the gullible Jambos on side. They will lap it up without realising that the shares are still frozen.

Spot on.

Originally Posted by Sergey

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Old news - Barry Anderson reported this a week or so back. Having a verbal agreement and having a deal concluded and ratified through the courts in Lithuania isn't quite the same thing, certainly in legal terms.

Precisely

Originally Posted by Zondervan

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@BarryAnderson_8: Foundation of Hearts should have full control of #HMFC by end of April. Deal to get UBIG shares done. More on http://t.co/yS1sZ7JQcH soon.

That is like saying the shares should be available.

***Spike Mandela*** · 03-02-2014 10:49 AM

Originally Posted by Bajillions

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I'm told BDO have a legally binding written agreement with UBIG now. This deal was actually completed last week, news was held until today for obvious reasons. If the Lith courts allow the transfer then it's a done deal.

When you say UBIG I presume you mean UBIG's administrators yes? If yes who would object in court to the transfer being done, the fraud investigators?

**Gus Fring** · 03-02-2014 10:53 AM

Originally Posted by Juice-Terry

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"The club’s administrators, BDO, confirmed today that Ukio Bankas Investment Group (UBIG) have formally agreed to hand over their 50 per cent stake, pending legal approval in Lithuania."

The bold bit is obviously key. What's the likelihood of this then?

Originally Posted by BarneyK

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There's the big one there. All reports state that this is all pending legal ratification from the Lithuanian courts. Still a bit to go yet.

Originally Posted by Mikey

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So they're relying on the same court that STILL hasn't unfrozen Portsmouth's shares to go ahead and unfreeze theirs.

Jolly good

All this will be ignored by Hearts fans as a mere technicality. BDO will focus on it with all they have now. That's the final step pretty much.

***Jack*** · 03-02-2014 11:00 AM

Has a price been agreed for UBIG [and UKIO] shares?

Are we still sure this all has to be confirmed with both sets of creditors meetings.

Mikey mentioned the Pompey shares. Do we know what stage they are at with creditors meetings, price agreements, frozen courts. They're a good couple of years ahead of the yams I think.