Share Transfers Agreed/Cooling off period

[Onion]

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I think Jackson will pull the plug in the next fortnight. He'll have been told in Lithuania to expect at least 6 months to get the process of unfreezing the shares underway. He'll then cite the fact that he tried everything including going to Lithuania.

If that's the case, BJ will be seeking asylum in Lith Land.

[Kaiser1962]

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Anyone heard anything on the new stand?

Once they are financially refreshed and the PBS redevelopment is underway, the collective seethe on this board will be tangible.

[DaveF]

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I think Jackson will pull the plug in the next fortnight. He'll have been told in Lithuania to expect at least 6 months to get the process of unfreezing the shares underway. He'll then cite the fact that he tried everything including going to Lithuania.

Reallly? Has he ever pulled the plug on any club he's been involved with? I recall lots of aparent close calls and news of imminent liquidation with the likes of Dunfermline but unsuprisingly they never went under.

Don't see this one ending any differently to be honest.

[clerriehibs]

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Reallly? Has he ever pulled the plug on any club he's been involved with? I recall lots of aparent close calls and news of imminent liquidation with the likes of Dunfermline but unsuprisingly they never went under.

Don't see this one ending any differently to be honest.

portsmouth

[Craig_in_Prague]

beating 9 men in that semi at the wonderful stadium that is Easter Road, with a final looming and all the income that would have brought, now appears to be a bit of a sore one.

Still, a few bake sales and face painting and I'm sure the cash flow will be just fine.

[jacomo]

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portsmouth

As I recall, BDO did a good job to keep Portsmouth trading, before deciding that Newco was the only viable option. As the Oldco Portsmouth shares are still frozen that seemed very wise.

HMFC were in a worse position when BDO took over.

[ACLeith]

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.... I'm not looking to be hailed as a hero or expect everyone to bow at my feet.

You are and we do! And if the BIGL finally happens, you - and a few other worthies on here - should expect to be carried shoulder-high from the bottom of Easter Road and onto the pitch to be given a standing ovation. And to be allowed to win the Happy Hibee half-time draw and to take part in the half-time 10-second challenge. We DO know how to treat deserving people on here

[steviehibsleith]

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Reallly? Has he ever pulled the plug on any club he's been involved with? I recall lots of aparent close calls and news of imminent liquidation with the likes of Dunfermline but unsuprisingly they never went under.

Don't see this one ending any differently to be honest.

Remember BDO and Brian Jackson said at the start - this is the worst football administration they had seen.

[Mikey]

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Reallly? Has he ever pulled the plug on any club he's been involved with? I recall lots of aparent close calls and news of imminent liquidation with the likes of Dunfermline but unsuprisingly they never went under.

Don't see this one ending any differently to be honest.

It's the frozen shares that make all the difference. Dunfermline didn't have that problem to deal with and Portsmouth did. Dunfermline weren't liquidated and Portsmouth were.

You can see where this is going

However, I still think they'll see out the season on the park.

[Twa Cairpets]

Am I reading this latest tweet right? Are they saying that FOH money could now (potentially) be used to keep them afloat?

Craig McNamara ‏@craigmcnhibs 12h
@The_FOH thanks again. Is there a time constraint at this end? Can BDO keep the admin going if further delay in Lithuania?

Foundation of Hearts ‏@The_FOH 2h
@craigmcnhibs hopefully yes, but as has been reported by BDO cash will run v low.

Craig McNamara ‏@craigmcnhibs 1h
@The_FOH is it possible to use FoH money to keep things going? Lithuanians have been v slow so far.

Foundation of Hearts ‏@The_FOH 8m
@craigmcnhibs That would be a point for negotiation.

[Mikey]

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@The_FOH: BDO are attempting to secure movement in LTN in terms of UBIG to allow a Creditors Meeting to take place. That will require 30 days notice.

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@The_FOH: @craigmcnhibs very much down to issues in Lithuania. Working with different legal system.

@craigmcnhibs: @The_FOH surely someone can give a time frame? Is it just the creditors meeting or Lithuanian courts still involved? Appreciate your reply.

@The_FOH: @craigmcnhibs both, court needs to approve UBIG creditors list, then creditors meeting. HMFC v small part of big web.

Funny how its allverycomplex again and not rubber stamping...

30 days notice AND legal timescale to process paperwork out of admin. Assumes meeting will take place soon (no evidence of this), assumes the right result (no certainty) and assumes no legal barrier or appeals (no evidence this will be the case).

Today will be the start of the expectation management. As someone else said next week will be interesting. Wonder when Brian is back....

Still no mention of the FOH Tweets over the road.

[CropleyWasGod]

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Am I reading this latest tweet right? Are they saying that FOH money could now (potentially) be used to keep them afloat?

It could, but it would need a change in the FOH constitition. That apart, I wouldn't see much resistance from the Diddies, if it's keeping the Club open.

Ms. Budge might not like the idea though.

[Waxy]

Old purple drawers wont be amused.

[Sanger]

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Still no mention of the FOH Tweets over the road.

Well done to all those that hung on to the trail. There is still hope they will be obliterated from history!

[Twa Cairpets]

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It could, but it would need a change in the FOH constitition. That apart, I wouldn't see much resistance from the Diddies, if it's keeping the Club open.

Ms. Budge might not like the idea though.

Just seems a bit unusual that they are now even raising the possibility of the cash being frittered away to support BDO.

It entertainingly like a kind of poor mans "1984" with history getting changed as the masses kow-tow in misery, subjection and stupidity.

[Ozyhibby]

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Still no mention of the FOH Tweets over the road.

Bet if they mention 1902, 5-1 or the possibility of a new striker they would be all over it like a cheap suit.
Anything remotely negative and they zone right out and dream about Rudi.

[matty_f]

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Just seems a bit unusual that they are now even raising the possibility of the cash being frittered away to support BDO.

It entertainingly like a kind of poor mans "1984" with history getting changed as the masses kow-tow in misery, subjection and stupidity.

Surely that adds risk to the "no risk" pledges. They were told they'd get the money back if the sale didn't go through so if they start spending the money now then how will they repay the contributors?

[Weststandwanab]

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Surely that adds risk to the "no risk" pledges. They were told they'd get the money back if the sale didn't go through so if they start spending the money now then how will they repay the contributors?

They will not but the Yams are daft enough to believe the story which will unfold if they go down that route.

[Onion]

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Surely that adds risk to the "no risk" pledges. They were told they'd get the money back if the sale didn't go through so if they start spending the money now then how will they repay the contributors?

Exactly, changing the terms of the DDs sounds easy but will be an admin nightmare. Many might be happy for the funds to be used to keep the club on life support, but some will just want their money back. Managing opt-outs will take time, effort and money. Tick tock.

[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!).

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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

5 weeks

[Twa Cairpets]

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Surely that adds risk to the "no risk" pledges. They were told they'd get the money back if the sale didn't go through so if they start spending the money now then how will they repay the contributors?

I would say it not only adds risk but completely changes the basis of the donation. Again.

Its the first time as far as Im aware that they've flagged it up as a possibility anywhere. Again, it may be misinterpretation on my part, but on the face of it this doesn't seem to be the case.

[Sergey]

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Surely that adds risk to the "no risk" pledges. They were told they'd get the money back if the sale didn't go through so if they start spending the money now then how will they repay the contributors?

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I would say it not only adds risk but completely changes the basis of the donation. Again.

Its the first time as far as Im aware that they've flagged it up as a possibility anywhere. Again, it may be misinterpretation on my part, but on the face of it this doesn't seem to be the case.

They're stumbling from one catastrophe to the next, with nothing more than a few encouraging PR releases to appease the masses.

If indeed FoH do dip into the pledges, that's another game-changer, especially if folk want their money back.

[Zondervan]

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5 weeks

I am off today, but will ask him tomorrow. There is still a week for things to be turned around though!! 😎

[jacomo]

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I would say it not only adds risk but completely changes the basis of the donation. Again.

Its the first time as far as Im aware that they've flagged it up as a possibility anywhere. Again, it may be misinterpretation on my part, but on the face of it this doesn't seem to be the case.

Hostage to fortune?

July 7, 2013

http://www.foundationofhearts.org/an...ion-of-hearts/

PS Remember your direct debit is 100% safe and secure, and all monies (minus very small administration charges) will be returned if the bid is not successful. It’s a no risk situation!

As Bajillions and CWG have pointed out, FoH only allows for their money to be used once the acquisition of HMFC has happened. I can't see how they can prop up the club in the meantime unless their go back to all the Diddies and ask for their permission.

However, having read through past FoH statements I know notice that they have been carefully worded so as not to claim that FoH is going to run the club. Their favourite phrase is "the bid submitted on behalf of FoH". I guess this gives them a little wriggle room to say they never claimed FoH was actually going to run the club.

[PatHead]

If Hearts are not out of Administration by the end of the season

1. Will the signing ban remain?
2. Who is out of contract and will require to be replaced?
3. How can they do 2 whilst 1 is in place?

[Mikey]

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I am off today, but will ask him tomorrow. There is still a week for things to be turned around though!! 

[Dashing Bob S]

Five - one

Corrupt - ion
Administrat -ion
Relegat - ion
Liquidat - ion
Demolit - Ion

Hearts famous five.

[Ozyhibby]

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If Hearts are not out of Administration by the end of the season

1. Will the signing ban remain?
2. Who is out of contract and will require to be replaced?
3. How can they do 2 whilst 1 is in place?

They are allowed to replace out of contract players who leave as long as they are on same wages and the SPFL deems them a like for like replacement.
Doubt it will get to that.

[Deansy]

image.jpg

Wonder if this 'woman' (??) realises how popular she's become ??

[Gus Fring]

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Still no mention of the FOH Tweets over the road.

There is a another new thread dedicated to Myself and Sergey though.

I'm a Jambo at the wind up apparently. My info is wrong. Blah Blah Blah.

I don't think they've ever given any examples of where my info has been wrong but Hearts fans don't silly themselves with silly things like evidence.