Share Transfers Agreed/Cooling off period

[CropleyWasGod]

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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?

It would be sold to the highest bidder, and UKIO (not UBIG) would get the first £6.8m after the liquidator's fees.

[SurferRosa]

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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.

But dont you know that in 5 years they`ll be fan-owned which`ll easily give them the cash they need to take on the Old Firm, win Scottish Cups every year and tussle with the might of Europe in the Champions League. They`re going to need that new stand if their going to try and squeeze some of the 400 000 in.

Dont dare think for a moment they`ll go the way of Dundee, another big club who cheated, who now dont have a pot to pish in and who`s fans said that.......(what`s happened to them).......wouldn`t happen to them.

[lord bunberry]

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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.

I've not had a look over there for a while, does the question of how they're going to pay for a new main stand ever come up?

[Ozyhibby]

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But dont you know that in 5 years they`ll be fan-owned which`ll easily give them the cash they need to take on the Old Firm, win Scottish Cups every year and tussle with the might of Europe in the Champions League. They`re going to need that new stand if their going to try and squeeze some of the 400 000 in.

Dont dare think for a moment they`ll go the way of Dundee, another big club who cheated, who now dont have a pot to pish in and who`s fans said that.......(what`s happened to them).......wouldn`t happen to them.

And who's fans never miss an opportunity to tell people they are the BIG club in Dundee despite all the evidence to the contrary.

[Seveno]

Just on my way back from Weegieland where I caught with a friend who is unfortunately a fan of The Rangers and as sensible a person as you would expect to meet.

He genuinely believes that that Championship will be a better league than the SPFL next season with them, Hearts, Dunfermline, Falkirk and Hamilton. He no doubt recalls those days of yesteryear when a match between Rangers and Hamilton was an eagerly awaited fixture.

Football fans in denial are a curious beast are they not ?

[GreenLake]

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But dont you know that in 5 years they`ll be fan-owned which`ll easily give them the cash they need to take on the Old Firm, win Scottish Cups every year and tussle with the might of Europe in the Champions League. They`re going to need that new stand if their going to try and squeeze some of the 400 000 in.

Dont dare think for a moment they`ll go the way of Dundee, another big club who cheated, who now dont have a pot to pish in and who`s fans said that.......(what`s happened to them).......wouldn`t happen to them.

Their scouts will be watching the summer World Cup games in Brazil to line up transfer targets for the team next year. It will soon be forgotten that hearts stiffed players for their wages or docked them by half in "voluntary" agreements with the big team. As for the new stand, the pencils will be lined up for sharpening at the top architecture firms in Vienna, Shanghai and Singapore.

[Kaiser1962]

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Indeed and it was not possible because of frozen shares.

Pretty much. But the question that could then be asked would be that were Pompey liquidated simply because it had no effect on their league position? Whereas Hearts, under current rules, could find themselves at the bottom of the pyramid structure despite being in a near identical situation to Portsmouth. If I was at all cynical it would appear from this that the difference in league rules is their main motivation to get the shares unfrozen, and trying that bit harder this time.

Just throwing it out there.

[CropleyWasGod]

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Pretty much. But the question that could then be asked would be that were Pompey liquidated simply because it had no effect on their league position? Whereas Hearts, under current rules, could find themselves at the bottom of the pyramid structure despite being in a near identical situation to Portsmouth. If I was at all cynical it would appear from this that the difference in league rules is their main motivation to get the shares unfrozen, and trying that bit harder this time.

Just throwing it out there.

There is no doubt in my mind that they (BDO, at least, and probably the UBIG admins as well) will be trying their best to have the shares unfrozen. Perhaps, as you say, those efforts will be greater than they were at Portsmouth. However, Bryan Jackson has consistently said that getting the shares will be his toughest job. Given BDO's previous with Lithuania, he'll know how hard that is.

[greenginger]

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Pretty much. But the question that could then be asked would be that were Pompey liquidated simply because it had no effect on their league position? Whereas Hearts, under current rules, could find themselves at the bottom of the pyramid structure despite being in a near identical situation to Portsmouth. If I was at all cynical it would appear from this that the difference in league rules is their main motivation to get the shares unfrozen, and trying that bit harder this time.

Just throwing it out there.

Try harder , how ? say please, please, please let us have our shares instead of just please can we have our shares like Pompey must have done.

[greenginger]

Does anyone have a link to the Chris Robinson report on the state of the PBS that was being quoted on here a couple of days ago.

There is someone I know who should be given a copy .

[Brummie_Hibs]

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Does anyone have a link to the Chris Robinson report on the state of the PBS that was being quoted on here a couple of days ago.

There is someone I know who should be given a copy .

http://www.zinescene.pwp.blueyonder....MOBpurpose.htm

[Weststandwanab]

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Pretty much. But the question that could then be asked would be that were Pompey liquidated simply because it had no effect on their league position? Whereas Hearts, under current rules, could find themselves at the bottom of the pyramid structure despite being in a near identical situation to Portsmouth. If I was at all cynical it would appear from this that the difference in league rules is their main motivation to get the shares unfrozen, and trying that bit harder this time.

Just throwing it out there.

A valid point and I would suggest had the position in Scotland been the same as in Englandshire then we would be in a different place by now.

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There is no doubt in my mind that they (BDO, at least, and probably the UBIG admins as well) will be trying their best to have the shares unfrozen. Perhaps, as you say, those efforts will be greater than they were at Portsmouth. However, Bryan Jackson has consistently said that getting the shares will be his toughest job. Given BDO's previous with Lithuania, he'll know how hard that is.

absolutely and . I still think he could run out of cash before the freezer opens.

[southsider]

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Just on my way back from Weegieland where I caught with a friend who is unfortunately a fan of The Rangers and as sensible a person as you would expect to meet.

He genuinely believes that that Championship will be a better league than the SPFL next season with them, Hearts, Dunfermline, Falkirk and Hamilton. He no doubt recalls those days of yesteryear when a match between Rangers and Hamilton was an eagerly awaited fixture.

Football fans in denial are a curious beast are they not ?

Tell your friend that Admin 2 is just round the corner.

[Phil D. Rolls]

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http://www.zinescene.pwp.blueyonder....MOBpurpose.htm

Typical bowling club officiousness in that. No doubt they had a point to make, but the mangled English makes it eye bleedingly difficult to read.

[Kaiser1962]

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There is no doubt in my mind that they (BDO, at least, and probably the UBIG admins as well) will be trying their best to have the shares unfrozen. Perhaps, as you say, those efforts will be greater than they were at Portsmouth. However, Bryan Jackson has consistently said that getting the shares will be his toughest job. Given BDO's previous with Lithuania, he'll know how hard that is.

In fairness its not BJ or BDO who are saying that this is a done deal. Its others who seem to conveniently forget the shares are frozen and disregard the similarities with the Portsmouth situation because it suits then to do so.

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Try harder , how ? say please, please, please let us have our shares instead of just please can we have our shares like Pompey must have done.

They might add another please. That could clinch it.

[jacomo]

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Typical bowling club officiousness in that. No doubt they had a point to make, but the mangled English makes it eye bleedingly difficult to read.

It's fair to say that Chris Robinson overplayed his hand.

His document kicked off a long running debate about UEFA compliance for football pitches, yet in recent seasons Tynecastle has hosted Europa Cup ties against both Liverpool and Spurs. FWIW they lost a row of seating or two but no great hardship.

[Weststandwanab]

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In fairness its not BJ or BDO who are saying that this is a done deal. Its others who seem to conveniently forget the shares are frozen and disregard the similarities with the Portsmouth situation because it suits then to do so.



They might add another please. That could clinch it.

The Potsmouth shares are still in the freezer. A Newco was used.

[Leithenhibby]

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The Potsmouth shares are still in the freezer. A Newco was used.

Well and truly.......

freezer_doors.jpg

[portycabbage]

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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".

Oi! Some of us "guests" are just too lazy to log in (until 2 mins ago so I could reply to this!)
Ps just noticed you said "some", so I'm withdrawing my mock indignation!

[Dashing Bob S]

If Hearts end up liquidated and the PBS land is sold off separately, would Iceland be considered preferred bidders on account of the frozen shares?

[Jack Hackett]

The LT court has already set a precedent as far as frozen assets are concerned. I fail to see why they would do an about face for hertz when the circumstances are virtually identical to Portsmouth's.

Any yams looking in really need to consider this and start preparing for a massive let-down in 6-8 weeks....or whenever the timescale is extended to, as it inevitably will be.

[Jack Hackett]

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If Hearts end up liquidated and the PBS land is sold off separately, would Iceland be considered preferred bidders on account of the frozen shares?

That so deserves a face palm smiley

[Dashing Bob S]

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The LT court has already set a precedent as far as frozen assets are concerned. I fail to see why they would do an about face for hertz when the circumstances are virtually identical to Portsmouth's.

Any yams looking in really need to consider this and start preparing for a massive let-down in 6-8 weeks....or whenever the timescale is extended to, as it inevitably will be.

If the meeting to decide this is 'scheduled' for some time in March (though I've always thought that scheduling meant putting in a specific date, and they don't seem to have the courts agreeing to any meeting), it gives them a maximum of just under six weeks for this to take place.

I reckon there will be all sorts of panic and the sound of **** hitting fans as we get into the second week in March and there's still no date announced.

[SonOfTortolano]

Interesting report..."length is a problem"

LOL!

[hibbill2002]

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If Hearts end up liquidated and the PBS land is sold off separately, would Iceland be considered preferred bidders on account of the frozen shares?

Tam might fancy a bid, Farmerfoods mibbes?

[Kaiser1962]

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The Potsmouth shares are still in the freezer. A Newco was used.

And every night, just before drifting off to the land of nod, a little smile appears on my face reassured in the knowledge that this is so.

[Kaiser1962]

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The LT court has already set a precedent as far as frozen assets are concerned. I fail to see why they would do an about face for hertz when the circumstances are virtually identical to Portsmouth's. .

That's how I see it. I cant see how they could reasonably justify unfreezing Hearts having already refused Portsmouth allowing them to be liquidated.

[RyeSloan]

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It would be sold to the highest bidder, and UKIO (not UBIG) would get the first £6.8m after the liquidator's fees.

Thanks. Now you say it I actually knew that ;-)

Was just the Budge will pick it up on the cheap when the big L hits posts that got me confused.

I would suggest the big L would do the opposite...for anyone wanting to buy the PBS for footballing purposes would have to fight for it on the open market. Surely that would be far higher than the £2.5m suggested so far.

[greenginger]

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It's fair to say that Chris Robinson overplayed his hand.

His document kicked off a long running debate about UEFA compliance for football pitches, yet in recent seasons Tynecastle has hosted Europa Cup ties against both Liverpool and Spurs. FWIW they lost a row of seating or two but no great hardship.

I think they had to get dispensation to play their Euro ties at the PBS. It was all right for the wee cup but when they are in the league sections and knock-out stages of the Champions League they will need a compliant ground.

[greenginger]

The financial detectives are digging.


http://translate.googleusercontent.c...D-A-9PdFCiolqw

For Economy Bank read UKIO.

" Currently all the bankrupt bank's economic data is in the hands of the State "