Share Transfers Agreed/Cooling off period

[Gus Fring]

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Any idea why Jackson is in lith land Bajillions?

None. That info came from Kickback. I've not heard it mentioned.

[Dashing Bob S]

The balance sheet:

CREDIT

5-1

DEBIT

Loss of rep through bumping:
taxpayer
local business
reg charities (inc poppy foundation)
Loss of rep through cheating:
financial doping
signing players, not paying wages
Administration and 15 point deduction
Signing ban
Relegation
Liquidation
Loss of stadium
Lowland League status

[Gus Fring]

The Tweets from Ian Murray are very interesting. He repeatedly makes it clear that once they get the shares that BIDCO will be running the club and any and all decisions will be made by them.

He also revealed the agreement for UBIG to transfer the shares is in the form of a MOU (Memorandum of Understanding). Without seeing the wording of the document and the terms agreed nobody can be sure whether the FOH would have any legal recourse if that agreement is not honoured.

The fans are delighted at the news that £1 Million has been raised but they are missing that the club won't be fan owned for years yet. At the very least they are subsidising Anne Budge and letting her play a real life game of Football Manager. When she's finished it won't have cost her a penny.

Make no mistake, Murray has confirmed today that fan ownership is still a long way off. Hearts are being bought and being run by a wealthy woman for the next several years. Fan ownership will only happen if the business is sustainable for the next 5 years! They've well and truly moved the goalposts.

[CropleyWasGod]

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He also revealed the agreement for UBIG to transfer the shares is in the form of a MOU (Memorandum of Understanding). Without seeing the wording of the document and the terms agreed nobody can be sure whether the FOH would have any legal recourse if that agreement is not honoured.

.

He also said that the shares would be transferred TO UKIO. Either a typo, or .....

[Dashing Bob S]

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The Tweets from Ian Murray are very interesting. He repeatedly makes it clear that once they get the shares that BIDCO will be running the club and any and all decisions will be made by them.

He also revealed the agreement for UBIG to transfer the shares is in the form of a MOU (Memorandum of Understanding). Without seeing the wording of the document and the terms agreed nobody can be sure whether the FOH would have any legal recourse if that agreement is not honoured.

The fans are delighted at the news that £1 Million has been raised but they are missing that the club won't be fan owned for years yet. At the very least they are subsidising Anne Budge and letting her play a real life game of Football Manager. When she's finished it won't have cost her a penny.

Make no mistake, Murray has confirmed today that fan ownership is still a long way off. Hearts are being bought and being run by a wealthy woman for the next several years. Fan ownership will only happen if the business is sustainable for the next 5 years! They've well and truly moved the goalposts.

This memorandum will be conditional on UBIG being able to deliver the shares. Namely, getting those shares unfrozen by the Lithuanian courts. That's the questions they ought to be asking Murray, 'why don't UBIG honour that MOU right now?' 'What is stopping them?' 'When will they be able to do this?'

[hibees 7062]

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Just saw Mrs Budge driving away from the PBS car park 10 minutes ago.

No idea what she was doing there, but canny miss her in her £100K Bentley with the personalised plates.

Was she giving it the 5-1 hand signs

[grunt]

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The Tweets from Ian Murray are very interesting.

I see that he ignored the question about the frozen shares.

[Gus Fring]

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He also said that the shares would be transferred TO UKIO. Either a typo, or .....

Is that not because UKIO are agreeing the CVA with Hearts and are UBIG's biggest creditor? So...

UBIG will transfer the shares to UKIO
UKIO will transfer the shares to FANCO
FANCO will transfer the shares to BIDCO

Manoeuvres like that are exactly why assets are frozen during criminal investigations.

[Weststandwanab]

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The Tweets from Ian Murray are very interesting. He repeatedly makes it clear that once they get the shares that BIDCO will be running the club and any and all decisions will be made by them.

He also revealed the agreement for UBIG to transfer the shares is in the form of a MOU (Memorandum of Understanding). Without seeing the wording of the document and the terms agreed nobody can be sure whether the FOH would have any legal recourse if that agreement is not honoured.

The fans are delighted at the news that £1 Million has been raised but they are missing that the club won't be fan owned for years yet. At the very least they are subsidising Anne Budge and letting her play a real life game of Football Manager. When she's finished it won't have cost her a penny.

Make no mistake, Murray has confirmed today that fan ownership is still a long way off. Hearts are being bought and being run by a wealthy woman for the next several years. Fan ownership will only happen if the business is sustainable for the next 5 years! They've well and truly moved the goalposts.

As I am sure you know a M.O.U. has no legal basis otherwise it would be a contract.

With a M.O.U. either, or any, party can walk away with probably no consequence.

[CropleyWasGod]

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Is that not because UKIO are agreeing the CVA with Hearts and are UBIG's biggest creditor? So...

UBIG will transfer the shares to UKIO
UKIO will transfer the shares to FANCO
FANCO will transfer the shares to BIDCO

Manoeuvres like that are exactly why assets are frozen during criminal investigations.

Hmmm.... not sure. It's late on a Friday afternoon, so not thinking too straight.

[greenginger]

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As I am sure you know a M.O.U. has no legal basis otherwise it would be a contract.

With a M.O.U. either, or any, party can walk away with probably no consequence.

Beat me to it,


http://people.howstuffworks.com/memo...erstanding.htm

M O U's " generally not legally binding .... and don't involve the exchange of money "

[TrinityHibs]

If the freezer is switched off and Fanco get the shares/buy Homofc and then pass them on to Budgie will there be any tax due or is she merely controlling the assets by way of security so title/ownership would always stay with the fannies? I am sure its been said that they will be transferred to her. I have to admit I don't really follow all of this.

[Gus Fring]

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As I am sure you know a M.O.U. has no legal basis otherwise it would be a contract.

With a M.O.U. either, or any, party can walk away with probably no consequence.

If they are worded correctly they can be legally challenged if the terms are not met but most of the time they aren't.

[CropleyWasGod]

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If the freezer is switched off and Fanco get the shares/buy Homofc and then pass them on to Budgie will there be any tax due or is she merely controlling the assets by way of security so title/ownership would always stay with the fannies? I am sure its been said that they will be transferred to her. I have to admit I don't really follow all of this.

No tax due as there won't be any gain.

The title does move, though.

There may be Stamp Duty due by Budgie.... leave the lawyers to confirm that or otherwise.

[Gus Fring]

During Bryan Jacksons alleged jaunt to lithuania to sit in a waiting room ahead of a meeting that isn't suppose to be happening for another month, David Southern has extended Billy Browns contract again

[CropleyWasGod]

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During Bryan Jacksons alleged jaunt to lithuania to sit in a waiting room ahead of a meeting that isn't suppose to be happening for another month, David Southern has extended Billy Browns contract again

You're such a stirrer.

[Mikey]

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The Tweets from Ian Murray are very interesting. He repeatedly makes it clear that once they get the shares that BIDCO will be running the club and any and all decisions will be made by them.

He also revealed the agreement for UBIG to transfer the shares is in the form of a MOU (Memorandum of Understanding). Without seeing the wording of the document and the terms agreed nobody can be sure whether the FOH would have any legal recourse if that agreement is not honoured.

The fans are delighted at the news that £1 Million has been raised but they are missing that the club won't be fan owned for years yet. At the very least they are subsidising Anne Budge and letting her play a real life game of Football Manager. When she's finished it won't have cost her a penny.

Make no mistake, Murray has confirmed today that fan ownership is still a long way off. Hearts are being bought and being run by a wealthy woman for the next several years. Fan ownership will only happen if the business is sustainable for the next 5 years! They've well and truly moved the goalposts.

Wealthy enough to pay the small businesses and charities bumped by the club you would think. That might restore a little goodwill.

[Weststandwanab]

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Beat me to it,


http://people.howstuffworks.com/memo...erstanding.htm

M O U's " generally not legally binding .... and don't involve the exchange of money "

Except the legal fees for doing so !

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If they are worded correctly they can be legally challenged if the terms are not met but most of the time they aren't.

I have been party to 17, 9 of which did not happen for various reasons and not 1 was challenged legally by any party

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You're such a stirrer.

Just stating facts but on the same wave length.

[greenginger]

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Wealthy enough to pay the small businesses and charities bumped by the club you would think. That might restore a little goodwill.

Budge does not get a mention in the Times Rich List and it goes down to folks with a miserable £ 47 million.

[greenginger]

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No tax due as there won't be any gain.

The title does move, though.

There may be Stamp Duty due by Budgie.... leave the lawyers to confirm that or otherwise.

£ 2.5 million for the real estate could cost Bidco 1874, 4% Stamp Duty Land Tax which is £ 100,000.

But, seeing as she is buying HOMFC shares for £1 , it might just be the share transaction value that is taxed.

Looks like the tax-man will get shafted again.

[Ozyhibby]

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Budge does not get a mention in the Times Rich List and it goes down to folks with a miserable £ 47 million.

There are people a lot wealthier than that who are not on that list.

[CropleyWasGod]

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£ 2.5 million for the real estate could cost Bidco 1874, 4% Stamp Duty Land Tax which is £ 100,000.

But, seeing as she is buying HOMFC shares for £1 , it might just be the share transaction value that is taxed.

Looks like the tax-man will get shafted again.

The property isn't changing hands, so there will be no SDLT.

[greenginger]

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There are people a lot wealthier than that who are not on that list.

Budge is quite high profile so if she had the dosh she would be in it.

[Kaiser1962]

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Is that not because UKIO are agreeing the CVA with Hearts and are UBIG's biggest creditor? So...

UBIG will transfer the shares to UKIO
UKIO will transfer the shares to FANCO
FANCO will transfer the shares to BIDCO

Manoeuvres like that are exactly why assets are frozen during criminal investigations.

I would guess that any criminal investigation would be very interested in the "debt forgiveness" of £16.7m Hearts received so that they could lodge a profit of £540k over two seasons. More debt forgiveness of £2m around 2006, some dodgy looking inter co invoice to Kaunas, £22m of debt for equity and some unclear company links to Milston and Quantum springing to mind, over and above the debts to UBIG and UKIO that we do know about.

I would imagine all this will have to be answered before the freezer can be turned off.
I still regard Portsmouth as the benchmark.

[worcesterhibby]

Is it just me or does the fact that FOH seem to make 99% of their communications by Twitter, make them seem incredibly unprofessional ? In my experience, well run organisations use Twitter as a marketing tool to spread the word/vibe about new products…they don't use it to convey financial and strategic information….amateurs

[Kato]

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UBIG will transfer the shares to UKIO
UKIO will transfer the shares to FANCO
FANCO will transfer the shares to BIDCO

Wonder if Mrs Bidco was pally with Mr UBIG before Mr UBIG ran away?

[JimBHibees]

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The balance sheet:

CREDIT

5-1

DEBIT

Loss of rep through bumping:
taxpayer
local business
reg charities (inc poppy foundation)
Loss of rep through cheating:
financial doping
signing players, not paying wages
Administration and 15 point deduction
Signing ban
Relegation
Liquidation
Loss of stadium
Lowland League status

Superb.

[Sergey]

I've just read through the FoH Tweets from earlier today and there's one belter when the FoH were asked about the creditors meeting. "The end of March" was the reply.

Given today is the 21st February and 30 days notice has to be given, they really are hanging on every word from a statement that was made by the UBIG admins when pressed by BDO at approximately the time of the CVA meeting.

There is no immediate rush for this to be pushed through in Lithuania and the Ukio & UBIG administrators are under political pressure to call this right. It's also up to the members of the creditors committee to accept any proposal, not the administrators themselves.

[Mikey]

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I still regard Portsmouth as the benchmark.

[Kato]

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I've just read through the FoH Tweets from earlier today and there's one belter when the FoH were asked about the creditors meeting. "The end of March" was the reply.

Given today is the 21st February and 30 days notice has to be given, they really are hanging on every word from a statement that was made by the UBIG admins when pressed by BDO at approximately the time of the CVA meeting.

There is no immediate rush for this to be pushed through in Lithuania and the Ukio & UBIG administrators are under political pressure to call this right. It's also up to the members of the creditors committee to accept any proposal, not the administrators themselves.

"End of February" rings a bell from last month. They're just messing around, aren't they.