Share Transfers Agreed/Cooling off period

[Weststandwanab]

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They won't run out of money, FOH must have well over a million in the bank now and Jackson and co' can release the begging bowls for the spuds to empty their monthly social into "their" club.

I would doubt it is that much.

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I would have thought it would be a lot simpler just to start selling next seasons tickets.

Changing F0H constitution to allow the D/D cash to support an entity they don't own might be all.very.complex and who knows may require 100% approval of the fannies and Hibs.net may have a vote

That would risk losing their new ST money if he big L appears.

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http://www.mirror.co.uk/news/uk-news...3#.UvDGOXnF8pE
http://www.scotsman.com/news/lord-fo...-row-1-1302626

Oh, I see Irony !

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Cheers, what about after this is done?

Donations will have ceased before then.

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The D/D's can be cancelled at any time. In other words, there is no assurance that the debt will be paid off at all, and I think 3 years is optimistic.

Way too optimistic.

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If the two options are (1) use the FoH money or (2) Liquidate .. then it is almost certain that there will be changes made to the FoH constitution (as suggested by CWG) that will allow them to use the money.

At the end of the day, how many supporters are going to object to their "donations" being used to "save" the club?

Anyone with an I.Q. larger than their shoe size.

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Yip, they have not managed that for 30+ years!!

Indeed.

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Probably yes regarding the Liquidation but there is a very real possibility that they WILL run out of funds before the administration process is drawn to a conclusion.

I am afraid I disagree. If cash runs out their is a real chance of the big L

[Golden Bear]

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I would doubt it is that much.

That would risk losing their new ST money if he big L appears.

Oh, I see Irony !

Donations will have ceased before then.

Way too optimistic.

Anyone with an I.Q. larger than their shoe size.

Indeed.

I am afraid I disagree. If cash runs out their is a real chance of the big L

Don't be afraid! I'll be delighted if this does happen but unfortunately I just can't see it. They'll find funds from somewhere especially if it's to tide them over for a short period of time.

[KeithTheHibby]

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is this wild speculation and unlikely to come to fruition then? Just so I know

I think so, what do you think?

[inglisavhibs]

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I don't see it happening. They could start selling season tickets for example. The FoH money that has been accumulating could be used if need be.
Anyone that says otherwise is lying.

I think the guys in the know on here have been pretty accurate with their information and it is others reading in to that information who have been predicting liquidation. I don't really think that a huge percentage of us actually thought that would happen. Of course Hearts will find money if they run out before the shares are handed over, whether it is from season ticket sales or FOH cash. Either way it will hurt them next season, but not kill them. The only unknown is why the shares are frozen and is it a formality that they are un-frozen if the share sale is completed? Does it still have to go through court? If that's the case then things could change again.

[KeithTheHibby]

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I think the guys in the know on here have been pretty accurate with their information and it is others reading in to that information who have been predicting liquidation. I don't really think that a huge percentage of us actually thought that would happen. Of course Hearts will find money if they run out before the shares are handed over, whether it is from season ticket sales or FOH cash. Either way it will hurt them next season, but not kill them. The only unknown is why the shares are frozen and is it a formality that they are un-frozen if the share sale is completed? Does it still have to go through court? If that's the case then things could change again.

Some in the know were predicting that the CVA wouldn't be accepted as well, look how that turned out.

There is nothing other than facts to suggest that they are slowly but surely progressing to exiting administration.

[PapillonVert]

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But the money FOH have supposedly raised through DDs is meant to be spent on paying back whoever is putting up the money for the purchase of the club + part of next season's operating costs is it not? I would have thought FOH are very badly placed to spend any of that money for this season's running of the club?

Indeed, and presumably the Biddies have been presented with a repayment plan and so you would expect they might be asking just how diverting the repayment monies to keep the business afloat is going to impact on when (and if) they get their money back.

Of course, it could be sweetie money for them and they're not bothered - but most successful business people expect a RoI from their cash. That's how they get and stay rich.

[inglisavhibs]

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Some in the know were predicting that the CVA wouldn't be accepted as well, look how that turned out.

There is nothing other than facts to suggest that they are slowly but surely progressing to exiting administration.

I accept that things have moved in Hearts favour over the past month or so but i still don't understand the frozen shares and why? Which ever way you look at this, they will have been incredibly lucky. If any proportion of that debt had been owed to a British Bank they would be gone or at least lost Tynecastle.

[Geo_1875]

There seems to a number of people on here who believe the puff piece in todays EEN has any veracity.

They have published an article with no news, no facts and a lot of ifs and buts.

It all looks like a rallying cry to the "faithful" to get ready to empty their wallets because the only thing for certain is that BDO will run out of money before the shares will be in the sweaty palms of Foulkes, "I'm an MP" Murray and their committee of assorted cardigans.

Their are no formalities to be completed before the deal can be done. It's a serious investigation into all aspects of Vlad's nefarious businesses of which hertz are only one.

[GreenLake]

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Some in the know were predicting that the CVA wouldn't be accepted as well, look how that turned out.

There is nothing other than facts to suggest that they are slowly but surely progressing to exiting administration.

Liquidation or administration either way will result in a new fact - they will have to watch a team paid for with wages they can afford.

[SurferRosa]

Anyone got a link to an article that states Portsmouth were liquidated?

[Spike Mandela]

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Liquidation or administration either way will result in a new fact - they will have to watch a team paid for with wages they can afford.

Same as us then.

[robinp]

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Anyone got a link to an article that states Portsmouth were liquidated?

http://www.accountancyage.com/aa/new...-portsmouth-fc

From an Accountancy based magazine, so 100 times more accurate than any national newspaper.

[SurferRosa]

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http://www.accountancyage.com/aa/new...-portsmouth-fc

From an Accountancy based magazine, so 100 times more accurate than any national newspaper.

Thanks for that. I`ve been looking all morning. I knew there was something when i noticed the Portsmouth FC (2010) written but i couldn`t find any word of a subsequent asset transfer. Cheers.

[nribs]

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I think so, what do you think?

No idea you posted something I wanted clarification on. Cheery

[Jack Hackett]

I fail to see why the Lithuanian court will unfreeze the UBIG/UKIO's asset's when the circumstances are almost identical to those of Portsmouth. BDO 's remit is to present a CVA. The CVA is ready and accepted... job done. Without the shares there's nothing left to do but wait for the court. As we have seen in the case of Portsmouth this can take YEARS. Does this mean they will have to stay in Admin until such time or is there a Plan B?

[Judas Iscariot]

Nice work if you can get it...

http://www.accountancyage.com/aa/new...gbp22m-in-fees

[TrinityHibs]

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Some in the know were predicting that the CVA wouldn't be accepted as well, look how that turned out.

There is nothing other than facts to suggest that they are slowly but surely progressing to exiting administration.

This is a genuine question Keith. When do you think Hertz will exit administration and does it really matter?

The reason I ask is BDO have confirmed that they will run out of money at the end of March. It is possible that FOH input can keep the twitching corpse alive until the end of the season and then SPFLprize money might see them make the start of next season in the next league down with a further points deduction. If they are not out of Admin by the cut off date for next year they are going to find their potential end of season prize money for the championship decimated, season ticket income reduced, TV income wiped out and cup progress a challenge. To me this looks like a total income of around £3M if you include something from Wonga and I'm not sure if this includes or excludes VAT anywhere.

Assuming that their turnover to match ours is £7M and the D/D's money remains constant and used to clear the stadium debt over 3 years it means the dafties have to survive on £250K per month as opposed to the figure used earlier in the thread of £583K and they were very poor then.

The best they can hope for is they somehow escape admin prior to the cut off point and start without a points deduction. This means their prize money might increase by £100-150K or circa £10K/month. This is not an answer to their problems.

So we find our maroon friends on a massively restricted budget, having to pay of football debts, needing to find a way to deal with the main stand and maybe pay HWU for training facilities.

There is nothing about this situation whether you are in the know or otherwise which suggests that the inFamous will be able to do anything other than play youngsters or below average players for the foreseeable future. from a Hibs perspective there is nothing about this that is anything other than positive as we will be the only competitive Edinburgh team. I for one remain optimistic that Hertz are a busted flush and I do know this.

Have I missed anything?

[JAY-ESS GREEN]

Don't post much but felt compelled to voice my disgust at bandersons blatant propoganda in today's Even that and the photo of the bawhair faced slimeball masquerading as an MP Pravda aint got a look in. Damn autocorrelation

[dangermouse]

Mention has been made of changing the FOH constitution to allow use of already collected DD monies being used to see them through to the end of the season. How does this fit in with UBIG's assets being frozen and the possibility they still could be in a couple of years time like Portsmouth FC?

If liquidation ensued due to FOH not getting their hands on the shares, would the diddies get any money back that had been used to keep the club going? Would DD's and ST money be used to keep the club going in the hope that the shares may become available?

[Weststandwanab]

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Don't be afraid! I'll be delighted if this does happen but unfortunately I just can't see it. They'll find funds from somewhere especially if it's to tide them over for a short period of time.

I am not afraid but think it could still go Pete Tong

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http://www.accountancyage.com/aa/new...-portsmouth-fc

From an Accountancy based magazine, so 100 times more accurate than any national newspaper.

At least 100.

[Moulin Yarns]

Where do the media get their info from?

Just asking because nobody seems to have a scooby what they are talking about

http://www.bbc.co.uk/sport/0/football/23462274

UBIG 50% Shares

http://www.scotsman.com/sport/footba...gain-1-3161785

UBIG 50% Shares

http://www.edinburghnews.scotsman.co...arts-1-3276156

UBIG 50% shares

http://www.foundationofhearts.org/re...-announcement/

UBIG 78.97% Shares

Where did the extra 28.97% of shares held by UBIG suddenly come from?? And don't say UKIO Bankas as they hold 29.9% according to all the articles.

Back in December

" Right now we have seen the completion of the first two stages

in the process to exit administration, the successful clearanceof a CVA with approvals from creditors and members. Stagethree is securing UBIG’s 50% shareholding, stage four is a

Sale and Purchase Agreement, and stage five is to complete

the transaction and take Hearts out of administration."


This week

http://www.heartsfc.co.uk/articles/2...241384_3651833

[CropleyWasGod]

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Mention has been made of changing the FOH constitution to allow use of already collected DD monies being used to see them through to the end of the season. How does this fit in with UBIG's assets being frozen and the possibility they still could be in a couple of years time like Portsmouth FC?

If liquidation ensued due to FOH not getting their hands on the shares, would the diddies get any money back that had been used to keep the club going? Would DD's and ST money be used to keep the club going in the hope that the shares may become available?

That is the question that the Diddies would have to ask. From FOH's perspective, there couldn't be any guarantee of repayment. From the Diddies' POV, I can see them saying "yeah, go for it anyways." It's an emotional thing for them, not a commercial transaction.... a bit like the shares.

[nribs]

What if only 1 diddie or several for that matter only wanted his/hers/it's money used once out of admin. Would their money be ringfenced or is a majority rule?

[Ozyhibby]

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What if only 1 diddie or several for that matter only wanted his/hers/it's money used once out of admin. Would their money be ringfenced or is a majority rule?

As FoH are changing the terms then any diddy would be entitled to ask for all their money back.

[Mikey09]

Excuse me for my ignorance. Genuine questions...... Can anyone tell me Is this statement re shares news?? Is it up to the Lithuanian government to release these?? And what would be the reasons for not releasing them?? Last question.... The photo of Ian "MP" Murray in the evening news... Have you ever seen someone with a more smug coupon in your life??

[Juice-Terry]

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That is the question that the Diddies would have to ask. From FOH's perspective, there couldn't be any guarantee of repayment. From the Diddies' POV, I can see them saying "yeah, go for it anyways." It's an emotional thing for them, not a commercial transaction.... a bit like the shares.

Another silly question perhaps but did Hertz ever issue certificates for the shares they sold last year?

[HibbySpurs]

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Don't be afraid! I'll be delighted if this does happen but unfortunately I just can't see it. They'll find funds from somewhere especially if it's to tide them over for a short period of time.

Sounds like an advert for Wonga

[CropleyWasGod]

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Another silly question perhaps but did Hertz ever issue certificates for the shares they sold last year?

Not that I'm aware of.

IIRC, BDO reduced the amount of money that was previously due to UBIG by the amount that was paid to them for the "shares".

[Mikey]

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Excuse me for my ignorance. Genuine questions...... Can anyone tell me Is this statement re shares news?? Is it up to the Lithuanian government to release these?? And what would be the reasons for not releasing them?? Last question.... The photo of Ian "MP" Murray in the evening news... Have you ever seen someone with a more smug coupon in your life??

The shares are part of a wider criminal investigation and are frozen along with all of UBIG's other assets. It's up to the Lithuanian court to decide whether they can be released.

Portsmouth are the only previous example we have to go on and their shares remain frozen. There is also no date set for this decision to be made. Their latest guesstimate is late March but it just keeps being put back!!

[#FromTheCapital]

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Another silly question perhaps but did Hertz ever issue certificates for the shares they sold last year?

Apparently FoH have promised to issue them once they have control and also the funds, as it's going to cost 14k to get them printed and dispatched.