Share Transfers Agreed/Cooling off period

[CropleyWasGod]

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Taken from the BBC "FoH and its financial backers are offering about £2.5m for the club, with the majority going to Ukio Bankas, which has a 28.79% stake in the club but also holds a charge on Tynecastle Stadium. "

Why put this as a seperate note then? Again this could be misreading it.

They're fitba journalists.

UKIO are getting the majority of the cash offered, BECAUSE they have a charge on the stadium. However, HMFC still own it and, if FOH's deal is concluded, will continue to own it.

[cwilliamson85]

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They're fitba journalists.

UKIO are getting the majority of the cash offered, BECAUSE they have a charge on the stadium. However, HMFC still own it and, if FOH's deal is concluded, will continue to own it.

I thought that was the case but I was just clutching at straws. Oh well. Roll on March when the liquidators / board (whoever makes the decision about the shares) knock it back / postpone it until later in the year and they enter the first division on minus points.

[Spike Mandela]

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They're fitba journalists.

UKIO are getting the majority of the cash offered, BECAUSE they have a charge on the stadium. However, HMFC still own it and, if FOH's deal is concluded, will continue to own it.

.........and of course the charge which was a security for £6.8m isn't worth the paper it is written on in the great con known as football administration. Until the deal is concluded and the new owners announce the elevated land value of course.

[jacomo]

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Taken from the BBC "FoH and its financial backers are offering about £2.5m for the club, with the majority going to Ukio Bankas, which has a 28.79% stake in the club but also holds a charge on Tynecastle Stadium. "

Why put this as a seperate note then? Again this could be misreading it.

In the context of the story, I think this phrase is attempting to explain why Ukio gets most of the money from the CVA despite having a smaller shareholding than UBIG. The CVA is mostly going towards buying the stadium from Ukio - the shares seem to be valued at no more than £200k in total and possibly less than that.

[truehibernian]

Who cares really, survive, don't survive, exit admin, out of admin - as at 90+3 minutes yesterday Hearts were in a cup final, the drink driver was 'high 5ing' fans, ball was at the corner flag, and I was going into Ikea slightly unhappy at the thought of a possible cup win. Cue half an hour later I nearly choked on my Swedish meatballs and crashed the car when my phone went numerous times from delighted Hibees and non Hearts fans laughing at their result

I want them around for more of these comedy moments - 'mon the Liths, let them have their shares and let Hearts add to our mirth 0-7, losing to 9 men, Billy 'strugglin' Brown, Bryan 'Health and Safety think of the kids' Jackson, Stevo 'I'd play for Hearts on the moon', Rudi 'is he, isn't he joining or is he pouring Brauhaus drinks and using his nose to put wee Hearts crests in the foamy head of pints' Skacel, Jamie 'bet yer not ssshhhhhhhing the opposition fans now' Hamill..........and Dylan McGowan

Save our (Comedy) Hearts

[greenginger]

Reading again this Ukio Bankas statement from last December.


http://translate.google.com/translat...en-US:official

" Convocation of the Creditors meeting is impossible before this separate appeal is resolved "

Has this ever got near a court yet, can/will any decision be subject to appeal ?

Why is Barry not asking these questions ?

Note, it is the 4th one down. - Information to creditors .....

[Russ]

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Who cares really, survive, don't survive, exit admin, out of admin - as at 90+3 minutes yesterday Hearts were in a cup final, the drink driver was 'high 5ing' fans, ball was at the corner flag, and I was going into Ikea slightly unhappy at the thought of a possible cup win. Cue half an hour later I nearly choked on my Swedish meatballs and crashed the car when my phone went numerous times from delighted Hibees and non Hearts fans laughing at their result

I want them around for more of these comedy moments - 'mon the Liths, let them have their shares and let Hearts add to our mirth 0-7, losing to 9 men, Billy 'strugglin' Brown, Bryan 'Health and Safety think of the kids' Jackson, Stevo 'I'd play for Hearts on the moon', Rudi 'is he, isn't he joining or is he pouring Brauhaus drinks and using his nose to put wee Hearts crests in the foamy head of pints' Skacel, Jamie 'bet yer not ssshhhhhhhing the opposition fans now' Hamill..........and Dylan McGowan

Save our (Comedy) Hearts

Couldnae agree more, life wouldnae be the same without the clowns.

[StevieC]

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Who cares really, survive, don't survive, exit admin, out of admin

I'm pretty much in this camp .. although I do enjoy the speculation.

Even in their "best case scenario" they will have no end of problems in the coming years.

[hibees 7062]

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Who cares really, survive, don't survive, exit admin, out of admin - as at 90+3 minutes yesterday Hearts were in a cup final, the drink driver was 'high 5ing' fans, ball was at the corner flag, and I was going into Ikea slightly unhappy at the thought of a possible cup win. Cue half an hour later I nearly choked on my Swedish meatballs and crashed the car when my phone went numerous times from delighted Hibees and non Hearts fans laughing at their result

I want them around for more of these comedy moments - 'mon the Liths, let them have their shares and let Hearts add to our mirth 0-7, losing to 9 men, Billy 'strugglin' Brown, Bryan 'Health and Safety think of the kids' Jackson, Stevo 'I'd play for Hearts on the moon', Rudi 'is he, isn't he joining or is he pouring Brauhaus drinks and using his nose to put wee Hearts crests in the foamy head of pints' Skacel, Jamie 'bet yer not ssshhhhhhhing the opposition fans now' Hamill..........and Dylan McGowan

Save our (Comedy) Hearts

His own fans

[Juice-Terry]

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Cue half an hour later I nearly choked on my Swedish meatballs and crashed the car when my phone went numerous times from delighted Hibees and non Hearts fans laughing at their result

Eating and driving eh? Shocking.

[hibees 7062]

From EEN Hearts to be out of administration by April

Hearts should be out of administration before the end of April

Which one Barry ?

[CropleyWasGod]

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From EEN Hearts to be out of administration by April

Hearts should be out of administration before the end of April

Which one Barry ?

They're not mutually exclusive, to be fair

[malagahibby]

Stevie Wonder could have seen this story coming today.
Basically just a story to get the mutants up after yesteday and to open a very small light in the darkness of tunnels for them.
Bet your bottom dollar the next thing is that as the money is tight BDO will need some more from the Muppets just to claim to get them to the end of the season.
Lets hope its a nine man jury in Lithuania that decides their fate.

[truehibernian]

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Eating and driving eh? Shocking.

Wasn't a meatball left on my plate upon leaving the front doors

[bighairyfaeleith]

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They're not mutually exclusive, to be fair

No but Barry and facts are

[brog]

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Who cares really, survive, don't survive, exit admin, out of admin - as at 90+3 minutes yesterday Hearts were in a cup final, the drink driver was 'high 5ing' fans, ball was at the corner flag, and I was going into Ikea slightly unhappy at the thought of a possible cup win. Cue half an hour later I nearly choked on my Swedish meatballs and crashed the car when my phone went numerous times from delighted Hibees and non Hearts fans laughing at their result

I want them around for more of these comedy moments - 'mon the Liths, let them have their shares and let Hearts add to our mirth 0-7, losing to 9 men, Billy 'strugglin' Brown, Bryan 'Health and Safety think of the kids' Jackson, Stevo 'I'd play for Hearts on the moon', Rudi 'is he, isn't he joining or is he pouring Brauhaus drinks and using his nose to put wee Hearts crests in the foamy head of pints' Skacel, Jamie 'bet yer not ssshhhhhhhing the opposition fans now' Hamill..........and Dylan McGowan

Save our (Comedy) Hearts

Great post!! a couple of random thoughts from yesterday;
1. How keek is Danny Wilson? A perfect illustration, along with John Fleck & countless others of average OF players getting attention & reward way above their ability.
2. In the general hilarity of Yams getting stuffed i haven't really seen it highlighted that for the 35 mins of play when ICT were down to 9 men, they ( ICT ) actually won 1-0!! Congrats Yams, that's up there with 7-0 & Sir Albert Kidd!!

[truehibernian]

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Great post!! a couple of random thoughts from yesterday;
1. How keek is Danny Wilson? A perfect illustration, along with John Fleck & countless others of average OF players getting attention & reward way above their ability.
2. In the general hilarity of Yams getting stuffed i haven't really seen it highlighted that for the 35 mins of play when ICT were down to 9 men, they ( ICT ) actually won 1-0!! Congrats Yams, that's up there with 7-0 & Sir Albert Kidd!!

....and for 35 minutes they played with all their experienced players on the park, Hamill, Stevenson (fresh legs too), McDonald, Wilson.....no excuses, Hearts were tactically poor and devoid of ideas.

Liked the look of Draper and Vincent (first half) yesterday - tidy players.

[brog]

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Reading again this Ukio Bankas statement from last December.


http://translate.google.com/translat...en-US:official

" Convocation of the Creditors meeting is impossible before this separate appeal is resolved "

Has this ever got near a court yet, can/will any decision be subject to appeal ?

Why is Barry not asking these questions ?

Note, it is the 4th one down. - Information to creditors .....

Agreed GG, I think the info below in bold is what you are referring to. I think this is why the April dates are now being quoted. Think BDO are assuming/hoping the meeting will take place near end March, get green light & proceed to sale of assets in April. That however assumes creditors approve those plans & I do like that word tentatively! In my experience of working in Eastern Europe tentatively usually means, no chance! I think BJ is telling it straight when he says chances of moving to admin have now gone 75/25 but I think the odds on being out of admin before season end may not be quite so rosy.

It is tentatively planned to CONVENTI the first meeting of Creditors in the first quarter of in 2014.

It has to be noted that sales of the assets owned by Ūkio bankas will not start before the meeting of creditors is convened and the Committee of Creditors is elected.

[Col2]

They have very little chance of being out of admin before the summer let alone April.

Dont get me wrong they look like they have agreed with administrators an in principle price but the legal process and complexity of Vlads world will delay the official sale and legal process for admin exit. Given the period between end of April and August is 13 weeks (15 points penalty), the same difference between end of Jan and end of April (the target end date which has moved by this much since December), i would suggest this particular story has a long way to go.

Then they have to (best case) face into the FoH business model based on promises and hope and run by bakers and candlestick makers.

[Greenworld]

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From EEN Hearts to be out of administration by April

Hearts should be out of administration before the end of April

Which one Barry ?

Neither according to BDO they have confirmed that it
just another bit of paperwork completed..
They say still up to lith courts so no change really..
its anyones guess

[Mikey]

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Neither according to BDO they have confirmed that it
just another bit of paperwork completed..
They say still up to lith courts so no change really..
its anyones guess

Yep, BDO have done as much as they can now and it's out of their hands. The decision will be made by the Lithuanian courts.

Sometime

[greenginger]

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Agreed GG, I think the info below in bold is what you are referring to. I think this is why the April dates are now being quoted. Think BDO are assuming/hoping the meeting will take place near end March, get green light & proceed to sale of assets in April. That however assumes creditors approve those plans & I do like that word tentatively! In my experience of working in Eastern Europe tentatively usually means, no chance! I think BJ is telling it straight when he says chances of moving to admin have now gone 75/25 but I think the odds on being out of admin before season end may not be quite so rosy.

It is tentatively planned to CONVENTI the first meeting of Creditors in the first quarter of in 2014.

It has to be noted that sales of the assets owned by Ūkio bankas will not start before the meeting of creditors is convened and the Committee of Creditors is elected.

Yeah, I read that bit , but I was referring to the last sentence of the 3 rd Paragraph.

To me, it says that the Ukio Bankas creditors can't even meet to approve the Yam share transfer or anything else until ...... " this separate appeal is resolved "

[Glesgahibby]

CHEER UP SPIN !!!!!!!
agreement this,percentage wise that and creditors meeting this and that ????
WH!T TH= *****!!!!!!!!!!
!!!!!!!!!!SHARES ARE FROZEN!!!!!!!!!!!!!
Love all this p!sh !!!!!!!!
years yes years!!!! Before these shares are defrosted!!!
The yam/media/bdo/foh/sfa/sp?l?/allsbarryithinkmabeysayesmabeysno# agenda is to keep this circus of fiction going until they can justify liquidation(newco) being acceptable enough to continue as if nothing had happened.
However big brother(TRFC)have ensured that it would take decades of spin for this rouse to work!!I'TS OVER trust me IT'S OVER they will be LIQUADATED !!!!!

[Sergey]

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Yep, BDO have done as much as they can now and it's out of their hands. The decision will be made by the Lithuanian courts.

Sometime

Could make for an interesting three/six months, as the hair-pulling as to why there's delays in LT might just tick on for a wee bit longer than is being reported.

75/25 is 1/3 in betting terms - Hearts blew it yesterday at 1/100, so 1/3 is certainly no shoo-in

1/200 for relegation is though!

[Mikey]

Just a wee reminder for those who think it's all over. All that happened today is BDO got agreement that FOH can buy the shares when they become available.

They don't have them today, won't have them tomorrow, and won't have them until the Lithuanian court says they can because they're still frozen.

Only the Lithuanian court can unfreeze them and whilst we can't be certain what their decision will be we do have a precedent. Portsmouth were in exactly the same situation and their shares are still frozen. Why would Hearts be treated any differently?

It really isn't difficult.

[greenpaper55]

For all the yams looking here, there is no seethe just a nice warm glow at the thought of you getting relegated and the prospect of maybe years in the wilderness. All of Scottish football despises you for your cheating ways, any credibility you once had is gone forever, enjoy your visit to Dumbarton etc.

[Waxy]

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For all the yams looking here, there is no seethe just a nice warm glow at the thought of you getting relegated and the prospect of maybe years in the wilderness. All of Scottish football despises you for your cheating ways, any credibility you once had is gone forever, enjoy your visit to Dumbarton etc.

Yep.And todays news about the shares (which isn't really news at all)has been held till today as they were probably anticipating yesterdays poor result and needed to deflect the depressing chat to a more positive note.

[Gus Fring]

Brian Jackson just been on Sportsound. Confirmed he got the news last week but waited until after the semi. Now, how could I have known that if I was making all this up?

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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.

[Col2]

BDO on sportsound saying they have enough cashflow 'just about to take them to end of March'. Cup final might have bought them another couple of months. Sounds like King deal was not as lucrative or as expected paid the BDO fees now that they are not coming out of CVA (arrangement agreed post CVA meeting at end of Nov).

Money still very very tight.

[Hamish]

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Just a wee reminder for those who think it's all over. All that happened today is BDO got agreement that FOH can buy the shares when they become available.

They don't have them today, won't have them tomorrow, and won't have them until the Lithuanian court says they can because they're still frozen.

Only the Lithuanian court can unfreeze them and whilst we can't be certain what their decision will be we do have a precedent. Portsmouth were in exactly the same situation and their shares are still frozen. Why would Hearts be treated any differently?

It really isn't difficult.

This.

As Sergey and Bajillions have been telling us all along.