Share Transfers Agreed/Cooling off period

[Weststandwanab]

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Shamelessly lifting these from the Bajillions and Sergey obsession thread over there.







Now I'll admit, I've heard nothing to this effect. But I await the imminent news of the shares being unfrozen and Hearts exiting administration.

According to them, exiting administration is a done deal, a formality. The shares aren't frozen and a legally binding agreement is in place to transfer them. Just a matter of time. So why is Bryan Jackson jetting off the other side of Europe (and billing Hearts for the priviledge) if everything is already sorted?

Or is he over there because in fact everything isn't as fine and dandy as Hearts' fans, the FOH and the Evening News would have us believe? Bryan couldn't possibly be over there because he needs to deal with this in person because getting the shares is still a massive problem, could he?

Or do you send the head honcho to oversee all rubber stamping? Is that how big teams/administration work?

I presume you mean Hearts' creditors

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Mr Baj? If he comes back from Lithuania and is no closer to a resolution on the shares and believes that they are unlikely to be resolved in the foreseeable future is he obliged to say? " Well I tried but it just isn't going to happen soon, the company cannot trade throughout the close season without income and I can't put season tickets up for sale as that scuppers the business plan". He then nips to Wickes to get some padlocks on a buy one get one free deal and gets a locksmith in.

Please say yes

I would suggest a will be a distinct probability.

[jacomo]

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It's how the last 3 Chairmen did it.

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Maybe he has to deliver some bill wads in a brown paper bag under an office table somewhere in Kaunas.

Maybe he's just tired of seeing David Southern's sad puppy face and I am an MP's bloated cherub face, and simply had to get away from Tynecastle for a day or two. Telling them he's off to chat with the Lithuanians is a plausible enough reason.

[Gus Fring]

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Seemingly, I'm talking to myself if replying to you

I'd have to say if that was the case you at least deserve some credit. Both our accounts have been on the go since 2007 and to keep them apart and running for over 6 years just to wind up some fans is impressive. I believe that's what they refer to as a "long con", something Hearts fans aren't known for spotting.

They're all walking contradictions over there. Making up stories about posters sending pictures of themselves. When it's their posters and players that are criminally convicted of such crimes.

I enjoyed last week when they were slagging us off for banning a poster for "not towing the party line". He then signed up over there, had a wee pop at .net and within a few days they had banned him as well.

[CyberSauzee]

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Fixed that for you

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Seemingly, I'm talking to myself if replying to you

#AllIsBajillions
#AllIsSergey

[Sergey]

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There's very little that Jackson can do to get the Lithuanian courts to release the shares. I think if he's over in Lithuania, he'll be putting pressure on UKIOS/UBIG admins to try and be more aggressive in obtaining those shares.

Hearts fans will see his presence there as 'rubber stamping' the agreed deal, perhaps signing off on paperwork etc and be excited about the Budge era and movement to fan ownership.

We'll all tend see it as more desperate, last-ditch efforts to try and savage an unwinable situation, or at least put himself in the position where he can say "I gave it my best shot."

Which stance shall be vindicated?

Not much time before we know. This scheduling of the 'creditors meeting' will tell us a lot. No sense in having such a meeting if you don't have the shares...

It reeks of desperation if Jackson is indeed in Lithuania, as BDO have three offices in the country and surely one of the minions based there could do whatever needs doing.

Still, at £550 per hour I can maybe see his reasoning.

[CropleyWasGod]

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If he gets told the shares are unlikely to be transferred or unfrozen and he isn't able to find a legitimate way to sell the company as a going concern then the next stage should be liquidation. Administration shouldn't be used as an indefinite lifeline to keep a company afloat if it's inevitable it's not sustainable.

Cropleywasgod might be able to clarify it better than me if I've gotten it wrong though.

Pretty much spot-on.

To use his own words, he would have nowhere else to go.

[CropleyWasGod]

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I'd have to say if that was the case you at least deserve some credit. Both our accounts have been on the go since 2007 and to keep them apart and running for over 6 years just to wind up some fans is impressive. I believe that's what they refer to as a "long con", something Hearts fans aren't known for spotting.

They're all walking contradictions over there. Making up stories about posters sending pictures of themselves. When it's their posters and players that are criminally convicted of such crimes.

I enjoyed last week when they were slagging us off for banning a poster for "not towing the party line". He then signed up over there, had a wee pop at .net and within a few days they had banned him as well.

Get a room, you one.

[The Gorf]

"I accept them clinging onto the hope that Hearts will fail, however misguided.. But the post administration finances are clear


Hibs = income - "mortgage/debt" repayment - interest


Hearts = bigger income - oops no debt repayments + tax free fan subsidies


Result = Hearts far wealthier than hibs (and every other non old firm club) "
TALK ABOUT DELUSION
Sorry if posted earlier.
GGTTH

[PatHead]

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Pretty much spot-on.

To use his own words, he would have nowhere else to go.

But when does it become inevitable? he asked impatiently.

[PatHead]

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#AllIsBajillions
#AllIsSergey

Don't forget

#AllisEskbank

[CropleyWasGod]

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But when does it become inevitable? he asked impatiently.

It's all about timing.

When the collective Yam is on that edge, breathlessly anticipating the ecstasy of release........

THAT'S when you kick him in the nuts.

[CyberSauzee]

CWG (or anyone!), following on from the reminder earlier today of 30 day notice period to convene the UBIG creditors meeting, if the CVA is agreed will there be a cooling off period? I've seen mention of 28 days, but I'm guessing that is Scots/English law? Are we just guessing on the length of a Lith cooling off period after a CVA?

The reason for asking is I was wondering if they might still be in admin come the start of next season?

This current season and last season (12-13), the second tier kicked off on the second Saturday in August. Next season that would be 9th August. So if we subtract the 30 days as noted to convene the meeting, that would mean the agreement would have to be in place by 10th July. If there is a cooling off period of 28 days, that takes us back to 12th June (WC kicks off). Allowing say a week for 'rubber stamping' the paperwork, that would mean 5th June.

So realistically the Yams have got until the beginning of June at the latest to wipe their slate of charity robbing, else face starting next season on negative points.

[#FromTheCapital]

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CWG (or anyone!), following on from the reminder earlier today of 30 day notice period to convene the UBIG creditors meeting, if the CVA is agreed will there be a cooling off period? I've seen mention of 28 days, but I'm guessing that is Scots/English law? Are we just guessing on the length of a Lith cooling off period after a CVA?

The reason for asking is I was wondering if they might still be in admin come the start of next season?

This current season and last season (12-13), the second tier kicked off on the second Saturday in August. Next season that would be 9th August. So if we subtract the 30 days as noted to convene the meeting, that would mean the agreement would have to be in place by 10th July. If there is a cooling off period of 28 days, that takes us back to 12th June (WC kicks off). Allowing say a week for 'rubber stamping' the paperwork, that would mean 5th June.

So realistically the Yams have got until the beginning of June at the latest to wipe their slate of charity robbing, else face starting next season on negative points.

I'd be willing to bet that if hearts are still in admin by the start of next season due to these pesky frozen shares, then they will appeal against any further point deductions by claiming that they're only still in admin because of a mere technicality. They'll try to wriggle out of it by saying everything is in place and they're just waiting on a 'rubber stamp'. Of course they'll use their buddies in the media just like they did in January when trying to sign players.

[GreenLake]

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CWG (or anyone!), following on from the reminder earlier today of 30 day notice period to convene the UBIG creditors meeting, if the CVA is agreed will there be a cooling off period? I've seen mention of 28 days, but I'm guessing that is Scots/English law? Are we just guessing on the length of a Lith cooling off period after a CVA?

The reason for asking is I was wondering if they might still be in admin come the start of next season?

This current season and last season (12-13), the second tier kicked off on the second Saturday in August. Next season that would be 9th August. So if we subtract the 30 days as noted to convene the meeting, that would mean the agreement would have to be in place by 10th July. If there is a cooling off period of 28 days, that takes us back to 12th June (WC kicks off). Allowing say a week for 'rubber stamping' the paperwork, that would mean 5th June.

So realistically the Yams have got until the beginning of June at the latest to wipe their slate of charity robbing, else face starting next season on negative points.

They will overhaul that points deficit by October while they are building the new super stand/hotel complex.

[Sergey]

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CWG (or anyone!), following on from the reminder earlier today of 30 day notice period to convene the UBIG creditors meeting, if the CVA is agreed will there be a cooling off period? I've seen mention of 28 days, but I'm guessing that is Scots/English law? Are we just guessing on the length of a Lith cooling off period after a CVA?

The reason for asking is I was wondering if they might still be in admin come the start of next season?

This current season and last season (12-13), the second tier kicked off on the second Saturday in August. Next season that would be 9th August. So if we subtract the 30 days as noted to convene the meeting, that would mean the agreement would have to be in place by 10th July. If there is a cooling off period of 28 days, that takes us back to 12th June (WC kicks off). Allowing say a week for 'rubber stamping' the paperwork, that would mean 5th June.

So realistically the Yams have got until the beginning of June at the latest to wipe their slate of charity robbing, else face starting next season on negative points.

I'll see if I can get a definitive answer regards to a cooling-off period.

Everything that BDO/FoH/Budget are praying for is the fact that the shares will be unfrozen and handed over at the first creditors meeting. Given the complexity of this case with interwoven companies used as shells for money laundering, the geography of said companies; the movement of any assets will also probably have to be ratified by company executives outside of the creditors committee...and then they've the court procedure to get through.

As we saw with the continual delays and postponements to the CVA meeting, things don't move very fast in Lithuania and time isn't something that BDO/FoH/Budget have going in their favour.

Braw.

[Geo_1875]

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"I accept them clinging onto the hope that Hearts will fail, however misguided.. But the post administration finances are clear


Hibs = income - "mortgage/debt" repayment - interest


Hearts = less income due to playing in lower division - oops deferred debt repayments + ever decreasing tax free fan subsidies


Result = Hearts far more deluded than hibs (and every other non old firm club) "
TALK ABOUT REALITY
Sorry if posted earlier.
GGTTH

Fixed that for you.

[cam75]

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It reeks of desperation if Jackson is indeed in Lithuania, as BDO have three offices in the country and surely one of the minions based there could do whatever needs doing.

Still, at £550 per hour I can maybe see his reasoning.

Not bad £2500 for sitting on a plane and prob not in cattle class:-)

[Dashing Bob S]

Different mood over on Sicksack right now. They seem to have shot their (I hope just cyber) wads over Sergey/Bajiliions/Hibs.net contentions, and now appear quietly anxious about the process of obtaining the shares. They are talking about everything other than this - a sure sign of squeaky erse syndrome kicking in.

[Jack]

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I'll see if I can get a definitive answer regards to a cooling-off period.

Everything that BDO/FoH/Budget are praying for is the fact that the shares will be unfrozen and handed over at the first creditors meeting. Given the complexity of this case with interwoven companies used as shells for money laundering, the geography of said companies; the movement of any assets will also probably have to be ratified by company executives outside of the creditors committee...and then they've the court procedure to get through.

As we saw with the continual delays and postponements to the CVA meeting, things don't move very fast in Lithuania and time isn't something that BDO/FoH/Budget have going in their favour.

Braw.

Given the complexity of this case with interwoven companies used as shells by S.H.I.T., the geography of all companies; do we really think LT courts, police and administrators will say "Aye on ye go then!"

Barry.

[Gus Fring]

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Different mood over on Sicksack right now. They seem to have shot their (I hope just cyber) wads over Sergey/Bajiliions/Hibs.net contentions, and now appear quietly anxious about the process of obtaining the shares. They are talking about everything other than this - a sure sign of squeaky erse syndrome kicking in.

Very quick to point out Bryan Jackson is in Lithuania. Not quick enough to question why he would be needed in Lithuania if everything is a done deal.

[The Gorf]

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Fixed that for you.

Thank you. Looks much better now

[Weststandwanab]

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I'd be willing to bet that if hearts are still in admin by the start of next season due to these pesky frozen shares, then they will appeal against any further point deductions by claiming that they're only still in admin because of a mere technicality. They'll try to wriggle out of it by saying everything is in place and they're just waiting on a 'rubber stamp'. Of course they'll use their buddies in the media just like they did in January when trying to sign players.

I do not see that working. If they are in Admin at the start of next season then they are in admin and the stated penalties apply.

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Different mood over on Sicksack right now. They seem to have shot their (I hope just cyber) wads over Sergey/Bajiliions/Hibs.net contentions, and now appear quietly anxious about the process of obtaining the shares. They are talking about everything other than this - a sure sign of squeaky erse syndrome kicking in.

Nice to read that.

[Spike Mandela]

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Pretty much spot-on.

To use his own words, he would have nowhere else to go.

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Very quick to point out Bryan Jackson is in Lithuania. Not quick enough to question why he would be needed in Lithuania if everything is a done deal.

Apparently he was stopped at customs and had several items confiscated........

image.jpg

[Ozyhibby]

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Apparently he was stopped at customs and had several items confiscated........

image.jpg

:-)

[#FromTheCapital]

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I do not see that working. If they are in Admin at the start of next season then they are in admin and the stated penalties apply.

Perhaps not but they will almost definitely try it imo. Be interesting to see what cringey stories they come up with if it happens. Filthy beggars.

[Seveno]

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It's all about timing.

When the collective Yam is on that edge, breathlessly anticipating the ecstasy of release........

THAT'S when you kick him in the nuts.

Of all your many posts offering expert analysis, CWG, this has to be your finest post to date.

[Kato]

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Very quick to point out Bryan Jackson is in Lithuania. Not quick enough to question why he would be needed in Lithuania if everything is a done deal.

If he's in Lithuania it must be important. Surely some kind announcement will follow soon.

#ihaveinmyhandthispieceofpaper

[Weststandwanab]

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If he's in Lithuania it must be important. Surely some kind announcement will follow soon.

#ihaveinmyhandthispieceofpaper

I think that was a different war.

[nribs]

So if BJ is in Lithuania surely this has to be good news for the skittery farts?? He can't be over there for no reason.

[Jack Hackett]

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I think that was a different war.

....but exactly the same delusion