Share Transfers Agreed/Cooling off period

[greenginger]

http://translate.google.com/translat...66%26bih%3D667

Here is the Lith. Court process for Bankruptcy as per Google Translate.

Note this is the simple case with no appeals ,objections or Administrator assassinations .

The link takes you back to the first page. Click the link below to court bankruptcy.

[The Harp Awakes]

This quote is hidden because you are ignoring this member. Show Quote

I wouldn't really agree with worthless as it would protect the agreed price rather than try upping it all of a sudden.

The MOU between UBIG and FOH does not provide an agreement on the transfer price of the shares.

[Moulin Yarns]

to those debating the worth of the MOU this might help.

http://uk.practicallaw.com/1-102-1911

Two important issues are covered in the preamble:

• The memorandum is not intended to be legally binding except as specifically stated in relevant clauses. However, as stated above, moral obligations are created and the statement may not be sufficient to prevent courts in some civil code jurisdictions from giving legal effect to the memorandum.
  
• The memorandum is specifically made subject to a confidentiality agreement already entered into by the parties.

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

to those debating the worth of the MOU this might help.

http://uk.practicallaw.com/1-102-1911

Two important issues are covered in the preamble:

• The memorandum is not intended to be legally binding except as specifically stated in relevant clauses. However, as stated above, moral obligations are created and the statement may not be sufficient to prevent courts in some civil code jurisdictions from giving legal effect to the memorandum.
  
• The memorandum is specifically made subject to a confidentiality agreement already entered into by the parties.

And that doesn't apply in Scotland or Lithuania, according to that page. Just to muddy things even more

[Moulin Yarns]

This quote is hidden because you are ignoring this member. Show Quote

And that doesn't apply in Scotland or Lithuania, according to that page. Just to muddy things even more

Gee thanks Crops!! I'll read everything very carefully in future.

[Mikey09]

This quote is hidden because you are ignoring this member. Show Quote

Anybody know what a memorandum of understanding is? It's got me stumped.

This quote is hidden because you are ignoring this member. Show Quote

And that doesn't apply in Scotland or Lithuania, according to that page. Just to muddy things even more

Muddy marvelous.....

[GreenLake]

This quote is hidden because you are ignoring this member. Show Quote

I wouldn't really agree with worthless as it would protect the agreed price rather than try upping it all of a sudden.

The understanding memorized between BDO and the Lithuanians as described thus far seems very different to what is now being proposed. Regardless of legal form it should be in the shredder.

[robinp]

I see that it's not just the SPFL, SFA, UEFA, Lithiania, FBI, CIA and NATO who are trying to get them where it hurts, even our Leigh is getting in on the act. Those poor wee lambs, so young and to the slaughter, it was a "wee bit hurtful" yi ken!!:

Worst person to score

Hearts kid Sam Nicholson says the worst moment on Saturday was when Leigh Griffiths scored.

He said: “It was a wee bit gutting. We didn’t want any of them to score but Leigh Griffiths scoring is a wee bit hurtful.”

[robinp]

This quote is hidden because you are ignoring this member. Show Quote

to those debating the worth of the MOU this might help.

http://uk.practicallaw.com/1-102-1911

Two important issues are covered in the preamble:

• The memorandum is not intended to be legally binding except as specifically stated in relevant clauses. However, as stated above, moral obligations are created and the statement may not be sufficient to prevent courts in some civil code jurisdictions from giving legal effect to the memorandum.
  
• The memorandum is specifically made subject to a confidentiality agreement already entered into by the parties.

If there is anything that club have in shorter supply than cash, it's morals!!

[Glesgahibby]

This quote is hidden because you are ignoring this member. Show Quote

I wouldn't really agree with worthless as it would protect the agreed price rather than try upping it all of a sudden.

Okay dokay !!
if your argument is=what we say will happen "if"someone or some other organisation" agrees with what we say,
then"fair doos".
HOWEVER !!!
IF!!!
Your argument is "it's legally binding"then Shirley these other organisations"can at any point change the,what we say will happen" to "this is what's happening!"

[Geo_1875]

My understanding of memoranda of understanding is that they are really a statement of intent should certain circumstances occur and should these circumstances not occur neither party can be held responsible or liable for the other parties costs or losses, unless specified in said memoranda..

As UBIG administrator's intent, as stated in the memorandum of understanding with BIDCO/FoH/FANCO/DIDDYCO (delete as appropriate), is to pass the shares in HoMFC (IA), held by UBIG but currently frozen by the Lithuanian courts, to said organisation in return for a pre-agreed sum of money when the Lithuanian courts see fit to defrost said shares, along with all other assets held by UBIG but currently frozen by the Lithuanian courts due to financial/legal investigations taking place across Europe, should the Lithuanian courts decide against defrosting said shares in HoMFC, thus denying HoMFC the opportunity to exit administration prior to BDO announcing that all the money has gone, UBIGs administrators will not be held responsible for them proceeding to liquidation or announcing that they are now self-sufficient due to the release of sums held by FoH on behalf of the DD contributors to repay the initial sum(s) borrowed from BIDCO.

[Glesgahibby]

This quote is hidden because you are ignoring this member. Show Quote

I would hazard a guess as perhaps because it is not the final document. Though both parties have agreed there will be no further alterations.The other two categories are the ones where there is option for further change and they have no legal binding.

I would hazard a "FACT !!" not a guess,as I am not of the 'delusional','media','ignorant',mindset and say "what a lot of *****!!!"

[ahibby]

This quote is hidden because you are ignoring this member. Show Quote

My understanding of memoranda of understanding is that they are really a statement of intent should certain circumstances occur and should these circumstances not occur neither party can be held responsible or liable for the other parties costs or losses, unless specified in said memoranda..

As UBIG administrator's intent, as stated in the memorandum of understanding with BIDCO/FoH/FANCO/DIDDYCO (delete as appropriate), is to pass the shares in HoMFC (IA), held by UBIG but currently frozen by the Lithuanian courts, to said organisation in return for a pre-agreed sum of money when the Lithuanian courts see fit to defrost said shares, along with all other assets held by UBIG but currently frozen by the Lithuanian courts due to financial/legal investigations taking place across Europe, should the Lithuanian courts decide against defrosting said shares in HoMFC, thus denying HoMFC the opportunity to exit administration prior to BDO announcing that all the money has gone, UBIGs administrators will not be held responsible for them proceeding to liquidation or announcing that they are now self-sufficient due to the release of sums held by FoH on behalf of the DD contributors to repay the initial sum(s) borrowed from BIDCO.

I agree. It's basically a document that states if (and it's a big if) everything goes as we hope then here's what will happen. A kind of guarantee but implicity linked to ifs and hopes. If things change then rip it up.

[Dashing Bob S]

Bizarre that they seem to believe on Kickback that if they insult Sergey, Bajillions, Hibs net and Hibs fans enough, then the shares will magically be unfrozen, the creditors identified and rounded up, a date set for the meeting and the rubber stamping of the agreement all within the next week.

Or maybe they don't really believe that. Maybe it is just the groaning death throes of the Yamosauraus in response to the new ice age bearing down on Gorgie from Lith freezers.

[hibees 7062]

This quote is hidden because you are ignoring this member. Show Quote

For the first time in a very long time, I took a look at a thread on Kickback. Fascinating stuff. Pretty much confirmed what my Jambo friends and relatives have been saying to a man (and woman) for quite some time: 'all is good, soon they'll be debt free and roaring back as a force to be reckoned with in Scottish Football.' There's no remorse. No acceptance that any financial doping ever went on. 1-5 is fair and square. We are, after all, inbred, toothless, peg-sellers who will always live in their shadow.

Worryingly, I've also discovered that our club is in financial turmoil and that each and every one of us has been led astray by Rod Petrie for many years with his delusional insistence on running the club within its means.

So please, let's have no more nonsense over here about frozen shares, crumbling stands, fraudulent share issues, unworkable crowdfunding or any other silly nonsense. All is, indeed, barry - or at least, thanks to 'The Queen of Hearts', it will be very soon ...

The whole of brokeback in one post

[Geo_1875]

No news on BJ's mysterious jaunt to Lithuania?

Has he not returned with a rubber-stamped memoranda in his fist declaring the glorious rebirth of HoMFC(IA)?

Has he returned at all?

[HUTCHYHIBBY]

I believe he is being held in the solitary confinement cell in the basement of the KGB Museum in Vilnius as an example to others.

[jacomo]

This quote is hidden because you are ignoring this member. Show Quote

The whole of brokeback in one post

I joked about the Yams falling over themselves to ingratiate themselves with the new putative saviour ('Mrs Budge') but they've surpassed themselves by anointing her as their Queen.

The Famous. Saviours of the Free World. By Royal Appointment.

[Geo_1875]

This quote is hidden because you are ignoring this member. Show Quote

I joked about the Yams falling over themselves to ingratiate themselves with the new putative saviour ('Mrs Budge') but they've surpassed themselves by anointing her as their Queen.

The Famous. Saviours of the Free World. By Royal Appointment.

I take it they are no longer fans of the creator of the original Harry Potter as she didn't fall over herself to donate any of her squillions? Surely Mrs Budge and her fortune of somewhere in the range of £20-30m will make them forget all the heartache of the last year and have them looking forward to the return of the "glory" years.

[GreenLake]

This quote is hidden because you are ignoring this member. Show Quote

I joked about the Yams falling over themselves to ingratiate themselves with the new putative saviour ('Mrs Budge') but they've surpassed themselves by anointing her as their Queen.

The Famous. Saviours of the Free World. By Royal Appointment.

Often ingratiating, sometimes irrigating.

[Dashing Bob S]

This burning smell in my nostrils: the waft of shares thawing in Lithuania, or toast aflame in Gorgie?

[John_HFC]

Anyone know what would happen to all the FOH money they have gathered post liquidation?

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

Anyone know what would happen to all the FOH money they have gathered post liquidation?

It's repayable to the donors, less a small () admin fee.

[YehButNoBut]

This quote is hidden because you are ignoring this member. Show Quote

The whole of brokeback in one post

This also made me chuckle from todays Scotsman re Hearts being the model for other clubs to follow, some of them really think they are in a better position than we are, it's beyond belief really.

Ironically the extent of Hearts issues IE in ADMIN facing liquidation has undoubtedly been the catalyst to the success to date of FOH to attract such a high level of pledges . However(again acknowledging the victims of the admin procedure) other clubs will look on in envy that Hearts will have an initial £1m injection post admin with further 7 figure sums of ADDITIONAL income injected in the next 2 seasons. They will have the further benefit of NO significant interest payments therein saving the circa £1.3m paid out per annum in interest post annum.

Who would not take debt free & 100% fan owned within 5 years? Further you are looking at the NET WORTH of HEARTS (based on the current value of Tynie) increasing by circa £30m IE going from a massive negative to around £15m

As I said ADMIN was the catalyst to same and I am certainly not suggesting that clubs should follow suite IE get themselves into HEARTS financial state to move forward. However I am saying that unless there is the threat of extinction it is not as likely to succeed.

EG Hibs.......strong balance sheet remains but significant cumulative trading losses /increase in debt with resultant liquidity issues makes them anything but the 'model' of financial prudence some suggest. the fans are not reacting to the pleas to support the club through the turnstiles . the football club have already borrowed the majority of the surplus money in the HOLDING COMPANY(circa £1,2m) & have mortgaged their assets. All covered by appropriate floating charges. other than a gratuitous contribution (unlikely) from Sir T hibs have no where to go to raise money . Hence they will have no option but to reduce TB's budget.

Hence they will look with envy at HEARTS additional income stream / 5 year bus plan & consider their options. Admin is a possibility (due to liquidity issues) . Although you cannot discount same it is highly improbable as it would only happen (unlike Hearts) by design & would represent a massive gamble . not that the hibs fans would not react in the same way & to the same extent as hearts fans.....they would but that their creditors (IE the controlling majority ....the bank) would take the hit the way UBIG/UKIO have & agree to a CVA. Hence won't happen.

So how successful would a transfer to fan ownership be hibs fans be without the threat of extinction? It wouldn't IMO.

[Dashing Bob S]

This quote is hidden because you are ignoring this member. Show Quote

It's repayable to the donors, less a small () admin fee.

So a lot of Hearts fans have a vested financial interest in the liquidation of the club. The plot thickens...

[John_HFC]

This quote is hidden because you are ignoring this member. Show Quote

It's repayable to the donors, less a small () admin fee.

That seems to be the only thing the Yam fans will gain from liquidation then

[Craig_HFC]

This quote is hidden because you are ignoring this member. Show Quote

Often ingratiating, sometimes irrigating.

Always irritating.

[EastCalderHibby]

This quote is hidden because you are ignoring this member. Show Quote

It's repayable to the donors, less a small () admin fee.

Should they now be known as a charity with over 7000 donations each month


$(KGrHqRHJBoE+Nw7rOmRBQGR,Jg1DQ~~60_12.jpg

[GreenLake]

This quote is hidden because you are ignoring this member. Show Quote

This also made me chuckle from todays Scotsman re Hearts being the model for other clubs to follow, some of them really think they are in a better position than we are, it's beyond belief really.

The model for other cheats to follow is the only claim they might make and more likely will become pioneers of the Scottish Stadiumless Football Association.

[GreenLake]

This quote is hidden because you are ignoring this member. Show Quote

Should they now be known as a charity with over 7000 donations each month


$(KGrHqRHJBoE+Nw7rOmRBQGR,Jg1DQ~~60_12.jpg

"We only owe it to ourselves."