Share Transfers Agreed/Cooling off period

[greenginger]

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I largely agree, my point is Yams have to make a profit, or more correctly to have an excess of income over expenditure in that period for them to be able to make a contribution. As I said I'm sure BDO will be busting a gut to make that happen but it's not guaranteed they'll make a profit nor how large it will be. The one thing that is certain is that BDO will get their Wonga!

It is anything but clear how BDO are to be paid and there has been no split between administration ( before the CVA vote on 29th Nov. ) and Supervision after the vote.

The BDO up-date of 30th January Appendix C gives a total of £ 574,822.56 as the amount charged between their appointment and 18th December. This covers both administration time and supervision time and I presume the same tab is still running.

Paragraph 2 of the BDO document states ,

" The costs of the joint administrators will be settled partially from any outstanding trading receipts at the time of their discharge from office and partially from the sale proceeds ...

and those of the Joint Supervisors from funds made available by the joint administrator. "

I kind of get the idea that since the CVA vote there will still be a charge for administration which is all the ongoing legal work and a very much smaller charge for supervision which is to be paid/or not paid only from the trading surplus.

Footnote. I see in the BDO appendix C it notes the summary of time charged from .....

" 19/6/2013 to 18/12/2014 " Jackson is not infallible !

[Juice-Terry]

Am I correct in thinking that, in addition to UBIG creditors needing 30 days notice before they can have a meeting, there is also a 30 day 'cooling off' period before the shares can be transfered (if indeed the creditors agree to that)?

[Jack Hackett]

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It is anything but clear how BDO are to be paid and there has been no split between administration ( before the CVA vote on 29th Nov. ) and Supervision after the vote.

The BDO up-date of 30th January Appendix C gives a total of £ 574,822.56 as the amount charged between their appointment and 18th December. This covers both administration time and supervision time and I presume the same tab is still running.

Paragraph 2 of the BDO document states ,

" The costs of the joint administrators will be settled partially from any outstanding trading receipts at the time of their discharge from office and partially from the sale proceeds ...

and those of the Joint Supervisors from funds made available by the joint administrator. "

I kind of get the idea that since the CVA vote there will still be a charge for administration which is all the ongoing legal work and a very much smaller charge for supervision which is to be paid/or not paid only from the trading surplus.

Footnote. I see in the BDO appendix C it notes the summary of time charged from .....

" 19/6/2013 to 18/12/2014 " Jackson is not infallible !

Definitely not.....but he might be prescient

[Dashing Bob S]

Hearts fans must surely be starting to realise that you can say the same nonsense at the end of March that you said at the end of January and February, but when you start saying it at the end of April, and May etc it starts to become more problematic for the club.

[greenginger]

Yeah but the fans group, Save Hearts in Trouble ( S.H.I.T. ) have mobilised.


http://www.theedinburghreporter.co.u...aign-launched/


Pity the stupid twats don't know what order to stand in.

[Kato]

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Hearts fans must surely be starting to realise that you can say the same nonsense at the end of March that you said at the end of January and February, but when you start saying it at the end of April, and May etc it starts to become more problematic for the club.

They are the world's biggest gum bumpers. Always have been.

[Dunderhall]

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It is anything but clear how BDO are to be paid and there has been no split between administration ( before the CVA vote on 29th Nov. ) and Supervision after the vote.

The BDO up-date of 30th January Appendix C gives a total of £ 574,822.56 as the amount charged between their appointment and 18th December. This covers both administration time and supervision time and I presume the same tab is still running.

Paragraph 2 of the BDO document states ,

" The costs of the joint administrators will be settled partially from any outstanding trading receipts at the time of their discharge from office and partially from the sale proceeds ...

and those of the Joint Supervisors from funds made available by the joint administrator. "

I kind of get the idea that since the CVA vote there will still be a charge for administration which is all the ongoing legal work and a very much smaller charge for supervision which is to be paid/or not paid only from the trading surplus.

Footnote. I see in the BDO appendix C it notes the summary of time charged from .....

" 19/6/2013 to 18/12/2014 " Jackson is not infallible !

In the same section of the document I think, it mentions that the revenue from this years season ticket sales was ring fenced against any administration charges as a trading surplus.
I guess that was an optimistic view from BDO wrt to them exiting administration.

No such protection is in place for 2014-15 season ticket money that I could see, I had assumed this is playing a part in BDO's reluctance to release them for sale.
The chances of them having any decent trading surplus to pay towards the admin costs is nil, with the exception of when they start selling season tickets.
If my thoughts are correct then they have quite a decision as to when they release season tickets against the timing of coming out of administration.

Even if it's bollocks, it sounds good to me.

[Kato]

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Yeah but the fans group, Save Hearts in Trouble ( S.H.I.T. ) have mobilised.

I thought it was FUD, "Flumps Under Debt-mountain"?

[Hibercelona]

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Hearts fans must surely be starting to realise that you can say the same nonsense at the end of March that you said at the end of January and February, but when you start saying it at the end of April, and May etc it starts to become more problematic for the club.

Do any of them even know what month it is? Or what world they even live on?

You know the saying "they won't know what hits them".

Well they lot really won't know and will still continue to spew out the same garbage, even after they're hit.

[Kato]

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Yes indeed...but we all now know that 'memorandum of understanding' is just a piss take anagram of

'dream on mad uninformed g u n t s'.

Can't be ersed trawling back to see who deciphered that one....but props anyway

Don't want to appear pompous but it was, moi!

[Gus Fring]

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In the same section of the document I think, it mentions that the revenue from this years season ticket sales was ring fenced against any administration charges as a trading surplus.
I guess that was an optimistic view from BDO wrt to them exiting administration.

No such protection is in place for 2014-15 season ticket money that I could see, I had assumed this is playing a part in BDO's reluctance to release them for sale.
The chances of them having any decent trading surplus to pay towards the admin costs is nil, with the exception of when they start selling season tickets.
If my thoughts are correct then they have quite a decision as to when they release season tickets against the timing of coming out of administration.

Even if it's bollocks, it sounds good to me.

Season Ticket sales are being left to Budge. BDO have told FOH and Budge they won't put them on sale without permission or until it's clear what division they will be playing in (I know, I know). The Season Ticket sales are integral to the business plan for next season. Selling them now just to have a company next season is asking for trouble.

[Kato]

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Or what world they even live on?

Planet Teabag most of them.

[Jack Hackett]

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Don't want to appear pompous but it was, moi!

I prefer disseminator of truth....but the moi does soil your robes a wee bit

[Sergey]

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Hearts fans must surely be starting to realise that you can say the same nonsense at the end of March that you said at the end of January and February, but when you start saying it at the end of April, and May etc it starts to become more problematic for the club.

Robert - you sound as if you know as much as I do.

The days are being scratched off as fast as the months at the moment.

Them's the vagaries.

[Kato]

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.but the moi does soil your robes a wee bit

Ooops, didn't think it'd show!

[jonty]

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If Ann had waited one more day...She could have sent all our emails dated 19/02/14 (1+4 = 5), That would get it right up the Hobbos

Glad she never then

Clearly she's too clever for them and knows that if you reversed the individual figures,91/20/41 and took the last from the first and added the middle, you'd get 70.
reverse it back and the smart folk ken whits goin on.

[Ronniekirk]

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You'll forgive me if I thought you were talking about seeking solace on this thread from our footballing woes as you wrote, "When we get beat and everyone is moaning how bad we are".

Maybe paying attention to what you yourself write will keep you on topic as I'm not around to put you right all the time and lack the required mind-reading abilities when you write about one thing but actually mean another.

I forgive you, Mind reading is indeed a difficult skill to learn ,but am sure you will get the hang of it .In the meantime I will try and pay attention to what I write but can't promise I won't go off thread .If you are not around to put me right I am sure someone else will ,so I wouldn't worry too Mutch about it

[Jack]

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One of the things going right over their heads, is that none of these 'meetings' we're all patiently waiting for are actually anything to do with the courts. They are creditor meetings where the transfer of the shares will be 'rubber stamped'. Only then, will the courts become involved, and BDO will try to convince the very slow moving Judicial Authorities that the shares are not integral to the ongoing criminal investigation...pretty much as they did with Portsmouth and the shares which are STILL frozen

Awe naw, 2 rubber stamps!!!?

[Dashing Bob S]

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Robert - you sound as if you know as much as I do.

The days are being scratched off as fast as the months at the moment.

Them's the vagaries.

I think everyone seems to know more than the rather dim backwoodsmen inhabiting Kickback these days.

Willful stupidity abounds, with all sorts of strange coping mechanisms to the fore.

The latest strategy seems to be to copy us by issuing long-term warnings about our debt and the supposed unsustainable nature of our business model. They seem to feel that if they speculate endlessly about this it'll bear fruit. But they may just find that such grim predictions have a little more viability when a club is ran by a criminal madman within a shady eastern European conglomerate, which has gone bankrupt through wracking up millions of debts and bumping the taxpayers, registered charities and local businesses in several countries whilst engaging in immoral and illegal activities, rather than one ran by a rather dour Aberdonian bean counter.

Looking forward to the end of of April on Kickback. It'll be just like the end of May, but with added soiled underwear. I only hope we're spared adminstration to be able to fully enjoy it.

[brog]

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It is anything but clear how BDO are to be paid and there has been no split between administration ( before the CVA vote on 29th Nov. ) and Supervision after the vote.

The BDO up-date of 30th January Appendix C gives a total of £ 574,822.56 as the amount charged between their appointment and 18th December. This covers both administration time and supervision time and I presume the same tab is still running.

Paragraph 2 of the BDO document states ,

" The costs of the joint administrators will be settled partially from any outstanding trading receipts at the time of their discharge from office and partially from the sale proceeds ...

and those of the Joint Supervisors from funds made available by the joint administrator. "

I kind of get the idea that since the CVA vote there will still be a charge for administration which is all the ongoing legal work and a very much smaller charge for supervision which is to be paid/or not paid only from the trading surplus.

Footnote. I see in the BDO appendix C it notes the summary of time charged from .....

" 19/6/2013 to 18/12/2014 " Jackson is not infallible !

Thanks for that GG, I've still not been able to access the BDO document but in looking for it last night I ended up on a JKB thread, apologies to all!! They seem to have a couple of posters who are less stupid ( I almost said more knowledgeable ) than the average & they are likewise confused about just how BDO will be paid. They continue to assert however that there is a fixed price for BDO fees. If I can find the thread again they actually quoted a document reference. I can't see this being the case, don't think BDO are that dumb but would appreciate your ( & others ) thoughts.

[brog]

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Thanks for that GG, I've still not been able to access the BDO document but in looking for it last night I ended up on a JKB thread, apologies to all!! They seem to have a couple of posters who are less stupid ( I almost said more knowledgeable ) than the average & they are likewise confused about just how BDO will be paid. They continue to assert however that there is a fixed price for BDO fees. If I can find the thread again they actually quoted a document reference. I can't see this being the case, don't think BDO are that dumb but would appreciate your ( & others ) thoughts.


Found it, this ( a comment by a Yam called Football First ) refers to the BDO statement to creditors of 31 Jan. I can't open the scribd document but he refers to a fixed fee being in Section 10 below. Thoughts anyone?

I'm not so sure about that. My reading of it is that Section 2 refers to BDO's costs and expenses, e.g.external legal, court and professional costs as well as their own travel and accommodation expenses incurred in the course of the admin, while Section 10 specifically deals with the Administrators fees, where it states that a fixed fee has been agreed.

[jacomo]

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Season Ticket sales are being left to Budge. BDO have told FOH and Budge they won't put them on sale without permission or until it's clear what division they will be playing in (I know, I know). The Season Ticket sales are integral to the business plan for next season. Selling them now just to have a company next season is asking for trouble.

Have said it before, Jackson has brought sanity and reason to that club (although well paid for his troubles). He's far too good for them.

[Geo_1875]

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I'm not so sure about that. My reading of it is that Section 2 refers to BDO's costs and expenses, e.g.external legal, court and professional costs as well as their own travel and accommodation expenses incurred in the course of the admin, while Section 10 specifically deals with the Administrators fees, where it states that a fixed fee has been agreed.

It's quite easy to agree a reasonable fixed fee for professional services when you can pad the costs and expenses. It's how Estate Agents can offer to sell your house for £90.

[CyberSauzee]

Reports in the Express about the delay in getting the shares from UBIG. Can't find an online link, summary here. And a picture of Budgie resplendent in purple. Or is that bright bloodied turd?

http://www.edinburghnews.scotsman.co...cher-1-3327516

Hearts delay

Hearts face a fresh delay in gaining control of the shares held by UBIG, as administrators in Lithuania have yet to call a creditors’ meeting.

It had been hoped that Hearts would get the 50% stake at the end of this month, but it now appears that Ann Budge will have to wait until April to take control. (Daily Express)

[Sergey]

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Reports in the Express about the delay in getting the shares from UBIG.

And as predicted....the first mention of May is now muted on KB.

A Trumpet wrote:

But nothing has changed. 30 days must elapse after any meeting of creditors which pushes us into april at best and if we get to the end of march without a meeting our best exit date will be into May.

Interesting to see where the cash will be coming from to simply get them to that point.

It won't be too long before they start citing the 'out of administration by Christmas' line again.

[Juice-Terry]

Suppose it's agreed at the creditors' meeting (whenever that'll be held) that the shares will be transferred to BIDCO. Isn't there also a mandatory 30 day 'cooling off' period between that agreement and the actual transfer? (Sorry I'm asking again.)

[Mikey09]

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And as predicted....the first mention of May is now muted on KB.



Interesting to see where the cash will be coming from to simply get them to that point.

It won't be too long before they start citing the 'out of administration by Christmas' line again.

To be fair Sergey they didn't specify which christmas.....

[Aldo]

It's quite funny really how the roasters on Brokeback think that we are 'at it' and making it all up with our 'Hobonomics'.

I am more than certain the BJ, BDO and FOFW's (foundation of f witt's) will take a full page (front one at that) in the EEN and tell all those interested the exact date, time and location when the meeting does happen.

BJ has said nowt on his return from Lithland (unless I've missed something) which is a clear indication to me that all is not well.

The clock is still ticking. As everyday/week passes the less chance they have of being out of admin before the start of next season.

Which is pleasing.

And for all you roasters looking in it's not 'Hobonomics' it's FACT.

So get it roond ye.

[CropleyWasGod]

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And as predicted....the first mention of May is now muted on KB.



Interesting to see where the cash will be coming from to simply get them to that point.

It won't be too long before they start citing the 'out of administration by Christmas' line again.

I wouldn't be surprised if there is enough cash to get them through to May.

BJ is an accountant, and by nature he will downplay expectations. Although he has spoken about February and March, it is likely that he was being publicly pessimistic.

[Springbank]

It's about time we started posting a hyperlink to this thread in the comments section of banderson reports

Or maybe just on the archived stories where it was all "hearts saved" etc etc somewhat prematurely