Share Transfers Agreed/Cooling off period

[Mikey]

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So my good friend and "respected" poster on Brokeback has just told me BDO will announce in the next couple of days that a deal has been reached with the Lith's. Admin will be exited in 4-6 weeks.

Specifically asked for Sergey's view on this (they don't like you over there!).

That's 4 weeks up

Any chance you can ask yer man how confident he is of them coming out of admin in the next 2 weeks? Don't forget to remind him of the frozen shares and the fact that there are still no dates set for the necessary meetings in Lithuania

2 weeks might be a little tight

[lord bunberry]

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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.

But will the owners of the footballing license not change and would that not require the spfl and sfa to conduct fit and proper persons checks. The owners of the license will effectively be with 3 different companies in a very short space of time.

[Weststandwanab]

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But will the owners of the footballing license not change and would that not require the spfl and sfa to conduct fit and proper persons checks. The owners of the license will effectively be with 3 different companies in a very short space of time.

Spot on IMO - that will be a hurdle - sorry another hurdle which is pointless considering until the freezer door opens.

[Ronniekirk]

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That's 4 weeks up

Any chance you can ask yer man how confident he is of them coming out of admin in the next 2 weeks? Don't forget to remind him of the frozen shares and the fact that there are still no dates set for the necessary meetings in Lithuania

2 weeks might be a little tight

They have been very good at gradually putting the date of getting this farce sorted out ,while feeding the media and their fans wee snippets of information with a wee reminder it might not now happen till end of March /April . if they can do something sooner they will be claiming the credit and by March we will see if they are pushing it back to defo April now .Obviously the new Queen of Hearts has entered the Fray and given it some momentum for next few weeks but apart from telling us there is now a date set for the Lithuanian Courts to meet and make a decision on frozen shares is there any other wee twist anyone expects

[worcesterhibby]

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Spot on IMO - that will be a hurdle - sorry another hurdle which is pointless considering until the freezer door opens.

To be honest I doubt it will be much of a hurdle..The SPFL are not going to turndown a fans group with money in the bank and an MP heading things up…neither are they likely to turn down Budgie as she has a good history and money in the bank too. For once I suspect it WILL actually be a rubber stamping exercise !

[CropleyWasGod]

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But will the owners of the footballing license not change and would that not require the spfl and sfa to conduct fit and proper persons checks. The owners of the license will effectively be with 3 different companies in a very short space of time.

No they won't.

HMFC (the company) own the licence. At the moment, UBIG and UKIO are the main shareholders in that company. If FOH/BIDCO/whoever buy these shares, it's only the shares that change hands. HMFC will own the licence throughout.

The fit and proper checks will be on the officers of the company, HMFC. In other words, Ann Budge and anyone else who is appointed.

[lord bunberry]

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No they won't.

HMFC (the company) own the licence. At the moment, UBIG and UKIO are the main shareholders in that company. If FOH/BIDCO/whoever buy these shares, it's only the shares that change hands. HMFC will own the licence throughout.

The fit and proper checks will be on the officers of the company, HMFC. In other words, Ann Budge and anyone else who is appointed.

Is that not the same thing as I was saying ? There will be three different owners of hmfc and hmfc own the license. What I was asking is will there have to be a fit and proper persons check and any other processes that need to be done to buy a football club on foh then the same thing again for budgie?

[CropleyWasGod]

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Is that not the same thing as I was saying ? There will be three different owners of hmfc and hmfc own the license. What I was asking is will there have to be a fit and proper persons check and any other processes that need to be done to buy a football club on foh then the same thing again for budgie?

The fit and proper persons check is a self-assessment process. FOH's participants should complete that, as should BIDCO, but it wouldn't necessarily hold the process up.

Once the SPFL review the submissions (by which time there should be two of them), they would make a judgement on whether the licence is/has been held by fit and proper people. Any sanction would then be on the club, but it wouldn't have held up the process, which is my main point.

[Weststandwanab]

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Is that not the same thing as I was saying ? There will be three different owners of hmfc and hmfc own the license. What I was asking is will there have to be a fit and proper persons check and any other processes that need to be done to buy a football club on foh then the same thing again for budgie?

CWG is correct but I believe you position is also correct. AB will be no problem in passing the fit and proper test it is who comes after AB is the issue and that may happen minutes after AB stumps up the cash assuming the Freezer door opens.

I remember correctly the rules regarding fit and proper changed after the Sevco fiasco in he sense it would be AB's responsibility to ascertain whomever she sells to is fit and proper".

[CropleyWasGod]

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CWG is correct but I believe you position is also correct. AB will be no problem in passing the fit and proper test it is who comes after AB is the issue and that may happen minutes after AB stumps up the cash assuming the Freezer door opens.

I remember correctly the rules regarding fit and proper changed after the Sevco fiasco in he sense it would be AB's responsibility to ascertain whomever she sells to is fit and proper".

AB is second in the process IMO. FOH are first and, in theory, third.

[Weststandwanab]

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AB is second in the process IMO. FOH are first and, in theory, third.

Yes I would agree with that. F.O.H. will not fail the first time (Ian - I was an M.P.) will be fine, AB will be fine it is who represents F.O.H. the third time that will be interesting.

For instance if it was Medals that may be a different story.

[Mikey09]

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AB is second in the process IMO. FOH are first and, in theory, third.

So FOH buy the club..... They hand it all over to ann budge who in short does all the hard work and makes all the unpopular decisions to sort out there mess before handing it back to FOH saying "DONT **** IT UP!!!"

[CropleyWasGod]

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So FOH buy the club..... They hand it all over to ann budge who in short does all the hard work and makes all the unpopular decisions to sort out there mess before handing it back to FOH saying "DONT **** IT UP!!!"

Yep.

What could possibly go wrong?

[Weststandwanab]

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Yep.

What could possibly go wrong?

Now that is a different question but a good one. Can we take this up when the Freezer door opens ?

[Mikey09]

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Yep.

What could possibly go wrong?

Apart from the yams turning on Ann as they won't be spending **** loads of cash on players... And that IF the fans group does take control eventually, knowing them it will be spend spend spend!!! The in fighting and arguing would be fun to watch as well.... Apart from that then I can't see much going wrong.

[lapsedhibee]

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

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Diddyco

At first I was remembering Diddyco as a .net construct rather than an official entity. But since more sense comes out of .net on this subject than anywhere else, it should probably be regarded as at least as valid as the other two.

[Weststandwanab]

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At first I was remembering Diddyco as a .net construct rather than an official entity. But since more sense comes out of .net on this subject than anywhere else, it should probably be regarded as at least as valid as the other two.

I referred to the Direct Debit contributors to F.O.H. as "Diddies" and somebody on .net coined the phrase -excuse the pun- Diddyco..

[McSwanky]

This is turning out just fine.

So, theoretically, I'm your typical Hearts fan.

(**** off, I said, theoretcially.)

I've been donating my hard earned for a few months now with no return. But that's ok, as I'm going to own my own little bit of my beloved club very soon. (Or at least very soon after they fire up the Mirowave for those stupid we shares. They're still trying to work out the manual for the mirowave by the way, and it's written in Chinese.)

I'll continue to donate until finally we get control of the club. We've done it! Woohoo!

5 minutes later, we sell the club to BudgeCo. I'll continue to donate though, even though we have no control over the club.

In five years time, we'll buy the club again. And all will, indeed, be barry. Except I got bored after 12 months and stopped donating.

Oops.

[CropleyWasGod]

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This is turning out just fine.

So, theoretically, I'm your typical Hearts fan.

(**** off, I said, theoretcially.)

I've been donating my hard earned for a few months now with no return. But that's ok, as I'm going to own my own little bit of my beloved club very soon. (Or at least very soon after they fire up the Mirowave for those stupid we shares. They're still trying to work out the manual for the mirowave by the way, and it's written in Chinese.)

I'll continue to donate until finally we get control of the club. We've done it! Woohoo!

5 minutes later, we sell the club to BudgeCo. I'll continue to donate though, even though we have no control over the club.

In five years time, we'll buy the club again. And all will, indeed, be barry. Except I got bored after 12 months and stopped donating.

Oops.

Yup, you have passed the theory test.

LTYF.

[McSwanky]

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LTYF.

Theoretically.

[Jack Hackett]

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Theoretically.

Nah. Not a single reference to 1-5, 1902 or wee team. So he fails the theory test. Plastic yam

[McSwanky]

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Nah. Not a single reference to 1-5, 1902 or wee team. So he fails the theory test. Plastic yam

I've been un-outed. Theoretically.

#allverycomplex

[CropleyWasGod]

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Nah. Not a single reference to 1-5, 1902 or wee team. So he fails the theory test. Plastic yam

He did say 5...... twice.

We should keep an eye on him.

[Mikey09]

Think you missed out....... ALWAYS IN OUR SHADOW, BIGGEST FAN MOVEMENT THE WORLD HAS EVER SEEN, #allisbarry, WE ARE UNBEATABLE (remember that one?!) WORLD CUP STARS, CHAMPIONS LEAGUE WINNERS WITHIN 5 YEARS (Possibly the funniest one of the lot) Blah Blah Blah... Yada Yada Yada......

[Mikey09]

See there are a lot of "guests" browsing .net. To some of them... Only 60 monthly payments to go and you might have control of your club. As you all used to say.... "BELIEVE".

[Mikey]

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See there are a lot of "guests" browsing .net. To some of them... Only 60 monthly payments to go and you might have control of your club. As you all used to say.... "BELIEVE".

They know where to find accurate info

[Mikey09]

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They know where to find accurate info

My yam pal spat the dummy out yesterday..... After winding him up he said... "The only wee thing you have left is the frozen shares ya Hibs prick!" My reply?? " Yep... Such a small issue right enough".

[Dashing Bob S]

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So FOH buy the club..... They hand it all over to ann budge who in short does all the hard work and makes all the unpopular decisions to sort out there mess before handing it back to FOH saying "DONT **** IT UP!!!"

Basically yes, but surely this scenario only applies if she's sincere about facilitating fan ownership. If she wants to own the club herself it's in her interests to spend as much FOH money on operating it during her initial stewardship, so that they don't have enough to complete the sale...

[Ozyhibby]

I love how the main topic of conversation on kickback is the design of a new stand and filling in the corners when they only have enough money for another 6 weeks.

[RyeSloan]

May have missed this but what happens to the PBS in a liquidation event? Would the ownership of the stadium not transfer to UBIG as they have the security?