Share Transfers Agreed/Cooling off period

[brog]

It's interesting to note that the MSM are already largely referring to Ann Budge, sorry, Mrs Budge, as the owner of Hawrts! So much for making history & the greatest fans' movement ever. I would be prepared to take large bets that F of H will never have ownership of Yams, unfortunately!

[AltheHibby]

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But Accountants always make things up. They make up a set of accounts for the taxman, make up a set of accounts for the bank manager and then they make up they real set of accounts for the owner.

You forgot the set for the about to be ex-wife's lawyer.

[jdships]

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It's interesting to note that the MSM are already largely referring to Ann Budge, sorry, Mrs Budge, as the owner of Hawrts! So much for making history & the greatest fans' movement ever. I would be prepared to take large bets that F of H will never have ownership of Yams, unfortunately!

Interesting point you make .
My son , who works alongside a number of Hearts " faithfull " , spoke of a number of them mentioning this earlier in the week !
Many feel the situation will never arise for the F of H to be in a true financial position to acquire Mrs B's holding plus have enough " spending money" to maintain the club .

Could all be bit of a smokescreen and eventually she will sell her shares to the highest bidder which will take them back to exactly where they started ala Mercer/Robinson/Romanov

[EK_Hibs]

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[/U][/B]
Could all be bit of a smokescreen and eventually she will sell her shares to the highest bidder which will take them back to exactly where they started ala Mercer/Robinson/Romanov

Although that would be an ideal route for the Yams' soon to be 'owner' to take unfortunately she can't sell them to any party other than the Fannies.
'Binding agreement' yada yada yada

[CropleyWasGod]

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It's interesting to note that the MSM are already largely referring to Ann Budge, sorry, Mrs Budge, as the owner of Hawrts! So much for making history & the greatest fans' movement ever. I would be prepared to take large bets that F of H will never have ownership of Yams, unfortunately!

I am still unclear about this.

FOH are the proposed new owners in the provisional CVA. Therefore they would take the shares initially, before (as I understand it) transferring them to Bidco.

If that's correct, then I might take that bet

[EK_Hibs]

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I am still unclear about this.

FOH are the proposed new owners in the provisional CVA. Therefore they would take the shares initially, before (as I understand it) transferring them to Bidco.

If that's correct, then I might take that bet

It's not, Bidco will own the thing first, then Fannies

[CropleyWasGod]

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It's not, Bidco will own the thing first, then Fannies

FOH are the named buyers in the CVA, are they not?

[EK_Hibs]

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FOH are the named buyers in the CVA, are they not?

No, pretty sure it's Bidco.

[CropleyWasGod]

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No, pretty sure it's Bidco.

I have the BDO report in my office, which I will dig out tomorrow, but this is the BBC report.

http://www.bbc.co.uk/sport/0/football/25154126

BIDCO were never named as a bidder.

[Gus Fring]

My understanding is that they will be transferred to FOH who will then immediately hand them over to BIDCO. FOH don't have the money to meet the terms of the CVA so BIDCO are funding it. FOH will then get them back after they've paid off that money.

This is proving to be a tough one to explain to the pith authorities I'm told. The point of freezing the shares is to stop them from being passed from company to company in the event of a criminal investigation. BDO are asking for them to be unfrozen to give to FOH who then want to pass them on to yet another company straight away adding another 2 degrees of separation to the shares.

BDO - "Can you unfreeze the shares please?"
Liths - "Why"
BDO - "So the FOH can buy them"
Liths - "And what will this FOH do with them"
BDO - "Give them to another company for use in a ponzi scheme to further defraud a bunch of nutters they've found here in Scotland"
Liths - "Ok then"
BDO - "Magic! By the way whilst we're on the phone, any news on those Portsmouth shares?"
Liths - *Click*
BDO - "Hello? Hello?"

[Weststandwanab]

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FOH are the named buyers in the CVA, are they not?

They are.

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I have the BDO report in my office, which I will dig out tomorrow, but this is the BBC report.

http://www.bbc.co.uk/sport/0/football/25154126

BIDCO were never named as a bidder.

A shift of goal posts.

[CropleyWasGod]

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My understanding is that they will be transferred to FOH who will then immediately hand them over to BIDCO. FOH don't have the money to meet the terms of the CVA so BIDCO are funding it. FOH will then get them back after they've paid off that money.

This is proving to be a tough one to explain to the pith authorities I'm told. The point of freezing the shares is to stop them from being passed from company to company in the event of a criminal investigation. BDO are asking for them to be unfrozen to give to FOH who then want to pass them on to yet another company straight away adding another 2 degrees of separation to the shares.

BDO - "Can you unfreeze the shares please?"
Liths - "Why"
BDO - "So the FOH can buy them"
Liths - "And what will this FOH do with them"
BDO - "Give them to another company for use in a ponzi scheme to further defraud a bunch of nutters they've found here in Scotland"
Liths - "Ok then"
BDO - "Magic! By the way whilst we're on the phone, any news on those Portsmouth shares?"
Liths - *Click*
BDO - "Hello? Hello?"

Stoatir :-)

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[Mikey09]

Sorry. I am confused (yes I know, again!!) How can a group be named preferred bidder, agree a CVA yet NOT take control if successful?? How the hell does that work?!

[CropleyWasGod]

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Sorry. I am confused (yes I know, again!!) How can a group be named preferred bidder, agree a CVA yet NOT take control if successful?? How the hell does that work?!

They will, momentarily.

Then, to paraphrase Kevin Spacey. ....in a puff, they're gone.

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[Mikey09]

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They will, momentarily.

Then, to paraphrase Kevin Spacey. ....in a puff, they're gone.

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Will the Liths find this acceptable knowing a VERY wealthy hearts fan is getting her hands on the club for a pittance? "Fans takeover blah blah blah.... Take pity on them blah blah blah.... Oh wait Mr lith, we forgot to mention it's a multi millionaire taking control, sorry bout that."

[O'Rourke3]

A bit of a dogleg here but a few pages back there's discussion of a £1.4M player budget. Do we know what the Manager budget is? Presumably bottles of urine plus receipted expenses means that GL is a shoo-in for the job. £600K-£1M suggests Harry Potter. If an ex Scotland player with no management experience can command £800K P/A in the third division how much should an ex Scotland manager command. After all Barca built their tactics around his myopic vision.

[greenginger]

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I have the BDO report in my office, which I will dig out tomorrow, but this is the BBC report.

http://www.bbc.co.uk/sport/0/football/25154126

BIDCO were never named as a bidder.

The CVA names FoH as the purchaser of HOMFC.

The CVA is dated 29/11/2013 , Bidco 1874 was not incorporated until 6/1/2014.

[CropleyWasGod]

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The CVA names FoH as the purchaser of HOMFC.

The CVA is dated 29/11/2013 , Bidco 1874 was not incorporated until 6/1/2014.

...which supports my theory about what the proposed scenario is.
Robin will know, but I doubt that the CVA can be changed in such a fundamental element.

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[Sergey]

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The CVA names FoH as the purchaser of HOMFC.

The CVA is dated 29/11/2013 , Bidco 1874 was not incorporated until 6/1/2014.

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...which supports my theory about what the proposed scenario is.
Robin will know, but I doubt that the CVA can be changed in such a fundamental element.

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We might just be a bunch of peg-selling junkies, but we won't miss a caveat in this whole farce.

In .net we trust

[Gus Fring]

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We might just be a bunch of peg-selling junkies, but we won't miss a caveat in this whole farce.

In .net we trust

You forgot straw clutching bitter hobo fantasist.

[Kaiser1962]

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In Englandshire there is not automatic relegation to the bottom tier for Liquidation - that is the difference.

Their task is to save the company from liquidation if thats possible to do so.

[Sergey]

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You forgot straw clutching bitter hobo fantasist.

Speak for yourself, as I've far lower criticism and bile comments to maintain (without PM'ing my knob...allegedly).

Your 'Straw Clutching Bitter Hobo Fantasist' does have a good ring to it.

*Disclaimer - a post with fantasist, knob and ring in it, does not insinuate that I'm in any way a Jambo.

[Jack]

Is S.H.I.T. not an umbrella name for BIDCO, FANCO and another CO I can't remember?

If so then I can't see the problem.

[Phil D. Rolls]

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You forgot straw clutching bitter hobo fantasist.

10 hours till I go for my Methadone.

[Mikey09]

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...which supports my theory about what the proposed scenario is.
Robin will know, but I doubt that the CVA can be changed in such a fundamental element.

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So would BDO have to go through the entire CVA process again since FOH have completely changed there proposed takeover of the club??

[CropleyWasGod]

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So would BDO have to go through the entire CVA process again since FOH have completely changed there proposed takeover of the club??

Don't think so.

FOH would complete the takeover in my scenario. And then Immediately transfer the shares to BIDCO.

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[Mikey09]

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Don't think so.

FOH would complete the takeover in my scenario. And then Immediately transfer the shares to BIDCO.

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Jeezo.... I wish I had went to sleep earlier. Ma heeds bursting now!!! It's too late for this nonsense.

[greenginger]

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Don't think so.

FOH would complete the takeover in my scenario. And then Immediately transfer the shares to BIDCO.

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I'm sure the lawyers could stitch together a deal like that in the normal run of business but,

How would it sit with insolvency practice regs , would the SPFL or SFA be happy to see a club and footballing license get shunted about and would they want FoH to be approved and registered as owners before the club can get passed to Bidco 1874.

Also, FoH themselves will have to have a vote to approve the transfer of the asset they were created to acquire.

All.very.Complex

[Gus Fring]

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I'm sure the lawyers could stitch together a deal like that in the normal run of business but,

How would it sit with insolvency practice regs , would the SPFL or SFA be happy to see a club and footballing license get shunted about and would they want FoH to be approved and registered as owners before the club can get passed to Bidco 1874.

Also, FoH themselves will have to have a vote to approve the transfer of the asset they were created to acquire.

All.very.Complex

I don't believe the footballing license will be affected because the company is staying the same (if they exit administration). It's no different from when Tom Farmer took us over.

The FOH don't have to vote as it's already been decided. They've had their meetings about what will happen if and when the shares become available.

[Weststandwanab]

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The CVA names FoH as the purchaser of HOMFC.

The CVA is dated 29/11/2013 , Bidco 1874 was not incorporated until 6/1/2014.

Good spot.

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Their task is to save the company from liquidation if thats possible to do so.

Indeed and it was not possible because of frozen shares.

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Is S.H.I.T. not an umbrella name for BIDCO, FANCO and another CO I can't remember?

If so then I can't see the problem.

Diddyco